Do You Keep Your Money At One Bank Reddit

Final checked: 20/01/2022

Bank accounts in the EU

Right to a bones bank account

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

If you are legally resident in an EU land you are entitled to open a "basic payment account". Banks cannot decline your application for a bones payment business relationship but considering yous don't live in the state where the bank is established.

Warning

This right does not apply to other types of bank account, such as savings accounts.

When banks can refuse yous a basic payment account

You can be refused an account if you lot do non comply with European union rules on coin laundering and terrorist financing.

In some European union countries, you may be refused a basic banking concern account if y'all already have a similar account with another bank in the same country.

If you're applying for a bones payment account outside the country where you lot live, banks in some EU countries may also desire you to prove a genuine interest for doing so – for instance if you alive in one country but work in another.

Features of a basic account

A "bones payment business relationship" is an business relationship that covers standard transactions that you employ in daily life, such as:

• making deposits
• withdrawing cash
• receiving and carrying out payments (for case direct debits and card purchases)

It should likewise include a payment card that y'all can apply to withdraw cash and make purchases - both online and in shops.

Where available, the banking company should include admission to online banking services with your business relationship. However, they practice not always have to include an overdraft or credit facility.

In some European union countries, your bank might nevertheless charge you an annual fee for this basic payment account. This fee should remain reasonable.

Sample story

Y'all don't need to live in an European union country to have an business relationship in that location

Sándor started to work for a visitor based in Slovenia while continuing to live in Hungary. He decided he would similar a depository financial institution account in Slovenia to use for mean solar day-to-day expenses, in add-on to his Hungarian bank account.

He establish a Slovenian banking company near his piece of work and asked to open up a basic account. The bank allow him open up an account even though he was not living in Slovenia.

Banks cannot simply reject you a basic business relationship considering you don't live in the country.

Fee information

Earlier you open your account, the bank should give you a document showing the most important services offered on the business relationship and any related fees that you might have to pay. This is known equally a "fee information document". You lot tin can use information technology to compare the cost of accounts at different banks.

Your bank must also give you a argument explaining the fees incurred on your bank account at to the lowest degree one time a year. This "statement of fees" document should as well give information on the involvement rates practical to your business relationship.

Switching bank accounts

You can switch your depository financial institution account to another bank account in the same Eu country. Your new bank should help you lot with this.

If you want to switch to a new account in the aforementioned country, tell your new bank that you want to switch and transfer your recurring payments to the new account.

The new bank volition then ensure that your onetime banking company transfers data and cancels any standing orders. The new banking company must besides:

• inform 3rd parties – such every bit your employer, social security provider and utilities providers – that you are changing your account
• set up your new standing orders
• accept relevant direct debits on the new account

Y'all may still be charged a fee if you determine to close your one-time account.

If you incur costs during the switching process because the depository financial institution misses a deadline (to abolish a payment for example) or makes mistakes, they have to refund these costs. If you lot have any difficulties, you lot can take the issue to the out-of-court dispute resolution scheme.

Sample story

Switching banking concern accounts doesn't always go smoothly

When Suzanne moved from Toulouse to Paris, she decided to movement her bank business relationship to her local banking company in Paris. She asked her new bank in Paris to transfer all her payments to the new account and close her old business relationship in Toulouse.

The bank in Paris told the bank in Toulouse to cancel her continuing orders and close Suzanne's account. They then set upwards continuing orders from her new account. However, they forgot to tell her mobile phone provider, and Suzanne was fined when the continuing society for her mobile telephone contract didn't become through on time.

Suzanne complained to the bank in Paris. They agreed to refund her the cost of the fine and correct the standing guild payment for the mobile phone contract.

Your money protected in the Eu

EU rules ensure that the money in your depository financial institution account (savings account and/or and electric current business relationship) is protected if the banking company property your account fails. Your money is protected up to a limit of EUR 100 000 or the equivalent in local currency. This limit applies per person and per bank, meaning that if you take several accounts at the same bank, the limit of EUR 100 000 applies to your aggregated accounts.

At that place are some exceptions to this dominion. If you accept a articulation account with your partner, for example, the limit of EUR 100 000 applies to each of y'all, meaning up to a maximum of EUR 200 000 for your articulation business relationship. In addition, your money will too be protected above EUR 100 000 in certain other cases for a limited time, such every bit:

• money yous receive from selling a private residential belongings
• money you receive linked to a item result in your life such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death of a family unit member
• money you receive from the payment of insurance benefits or bounty for criminal injuries or a wrongful conviction

In these cases, amounts over EUR 100 000 are protected for at least three months and no more than than 12 months later the money has been credited, or from the moment when the money became legally transferable, depending on the conditions and thresholds prepare by each EU country.

Source: https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm

Posted by: barkercamigat.blogspot.com

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