The account you are entitled to.

Frequently asked questions

Who is entitled to a basic account?

Every consumer legally resident in the EU – even without a fixed address, even with negative entries at SCHUFA or other credit bureaus, even in insolvency (Section 31 ZKG). Creditworthiness is not a ground for refusal. The account is run on a credit basis; an overdraft is not part of it.

Which bank has to open the account?

Every bank that offers payment accounts to consumers – savings banks, cooperative banks, private banks, direct banks. They may not pass the basic account on to each other. You can choose the bank; sensible is one where you can later also use card and transfers conveniently.

What may the bank demand and what may it cost?

ID card or passport, and a contact address if you have no registered address. The fee must be reasonable and in line with usual market account fees (Section 41 ZKG); the Federal Court of Justice has repeatedly struck down excessive basic account fees (including XI ZR 119/19 of 30 June 2020). Compare – the fees differ considerably.

On which grounds may the bank refuse?

Only on those named in the law: you already hold a payment account in Germany that you can use; you were convicted in the last three years of an intentional criminal offence against the bank; you lost a previous account at this bank through a serious breach of contract; or there are breaches of the Anti-Money Laundering Act (Sections 35, 36 ZKG). A SCHUFA entry is not on this list.

What does BaFin do in the administrative procedure?

It examines whether the refusal or the delay was lawful and orders the bank to open the account if not (Section 48 ZKG). The procedure is free of charge; the application goes by form or online to BaFin in Bonn. Enclose your application to the bank and – if available – the written refusal.