Regulatory Alerts2014-05-26
Added
Opening and managing a current account
The Directive clarifies that banking corporations cannot unreasonably refuse to open current accounts with no credit facility solely because a customer is restricted under the Checks Without Cover Law, in bankruptcy proceedings, has accounts under lien, or has previously litigated with another bank. Banks must provide written confirmation of account requests and issue a decision within five business days, while also making authorized debits, immediate debit cards, and ATM cards available. Additionally, institutions are required to subscribe customers to electronic data retrieval services and publish the list of available services on their websites. Sections 5 and 9 take effect upon publication, Section 8(b) on January 1, 2015, and the remaining sections on September 1, 2014.
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