Regulatory Alerts2025-01-24
Added · Updated
Circular Letter No. CC/2025/00000003: Understandings and Best Practices on Account and Payment Card Contract Termination, Account Change Service, and Joint Account Treatment After Holder Death
The Banco de Portugal establishes binding interpretations and best practices for credit institutions, financial societies, payment institutions, and electronic money institutions regarding the termination of deposit and payment accounts, the account change service, and the handling of joint accounts after a holder's death. Institutions must implement these interpretations immediately and adopt the specified best practices by January 1, 2026, submitting a final implementation report by January 15, 2026. The guidelines prohibit refusing account closure for reasons the institution can resolve or that do not constitute legal impediments, mandate digital access to termination requests, and require clear information on associated contracts and fees.