Regulatory Alerts2021-04-29
Added · Updated
Circular Letter No. CC/2021/00000016: Interpretations on the Application of Laws No. 44/2020, 53/2020, and 57/2020
The document clarifies that holders of minimum banking service accounts are entitled to five monthly transfers up to 30 euros without commission, applying to third-party payment applications and excluding operations where fees are legally prohibited. It mandates that lenders accept current accounts held at other credit institutions as a condition for granting or renegotiating mortgage and consumer credit contracts effective after January 1, 2021. Furthermore, it prohibits the charging of commissions for processing loan repayments via direct debit, regardless of whether the account is held at the lender or a third party, and bans fees for renegotiating consumer credit contracts during their term.
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