The EU “right to a basic bank account” - how it really works?

[Forester]

In the discussion here Swiss neo bank was mentioned ”a right to a basic bank account” that exists in the EU for not a long time. For an official description see here Opening a basic bank account within the EU - Your Europe.

Does anyone have some experience, how it really works?

 

[thomasparra]

I know that in France this right exists but under the condition of domicile. Every French resident has the right to a bank account regardless of their nationality (as long as they are legal).

If a bank refuses to open an account for you the Banque de France will take care of your case and designate one bank and they will have to onboard you by law. This is to promote banking “inclusivity” and the official communication line from the government is that everyone should have the right to a bank account.

This also works for businesses; and actually the domicile is based on the company residence, rather than the owner/shareholders which is great news for these unable to get access to banking especially living overseas. Also, banks refusing you need to provide the reason for rejecting you when they do, unlike in some other countries.

 

[Don]

Conditions to benefit from the right to an account​

You have to :

• be domiciled in France, regardless of nationality, or be French and reside abroad, or be of foreign nationality and legally reside in a country of the European Union other than France;
• not have any individual account opened in your own name (or account being closed);
• you have been refused the opening of an account by a bank.

Source: Faire valoir votre droit au compte bancaire

 

[void]

​

• not have any individual account opened in your own name (or account being closed);

in France or anywhere?

 

[churumbelo]

Conditions to benefit from the right to an account​

You have to :

• be domiciled in France, regardless of nationality, or be French and reside abroad, or be of foreign nationality and legally reside in a country of the European Union other than France;
• not have any individual account opened in your own name (or account being closed);
• you have been refused the opening of an account by a bank.

Source: Faire valoir votre droit au compte bancaire

Right to a basic bank account​

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

It's in OP's link:

https://europa.eu/youreurope/citize...ts-and-services/bank-accounts-eu/index_en.htm

 

[Forester]

Right to a basic bank account​

You may want or need to open a bank account in your home country or in another EU country.

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

It's in OP's link:

https://europa.eu/youreurope/citize...ts-and-services/bank-accounts-eu/index_en.htm

Yes, it's written there nicely. But it is just an EU document, i.e. a theory And per my experience, the reality can be different in such cases.

E.g. @void 's question The EU “right to a basic bank account” - how it really works? is really proper IMO. I guess that the intention of lawmakers was to guarantee a possibility of opening an account in any EU country => de facto opening one account in every country – but this can be the example when the reality does not correspond to the theory ...

 

[void]

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

don't know if you're right or not... but this is definitely not how it works - on the contrary, in vast majority of EU countries you'll be automatically refused if you don't have any tangible ties

 

[JohnnyDoe]

So let’s say you meet the conditions and no bank opens an account for you. What are you going to do? Sue the banks? Sue all the countries that rejected you? Sue the EU?
How are you going to pay the lawyer that represents you if you don’t have an account? Good luck finding a decent one available to work pro bono, let alone to go against banks, due to conflicts of interests and internal policies.

It’s not worth to fight banks and to try find relief in the EUSSR. Anyway, eventually both will die.

Solution: use crypto and solve your temporary banking problems with darks.