Regulatory Alerts2019-04-03
Royal Decree 164/2019 establishing a free basic payment account regime for vulnerable persons or those at risk of financial exclusion
The Spanish Ministry of Economy and Enterprise issued Royal Decree 164/2019 to implement a free basic payment account regime for individuals in a special situation of vulnerability or financial exclusion risk. The decree defines eligibility based on income thresholds relative to the IPREM indicator and restrictions on non-housing property ownership, requiring specific documentation to prove this status. Credit institutions are mandated to provide these accounts free of charge for specified services, with the free status lasting for two-year periods subject to periodic verification of the client's continued eligibility.
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