From 1 May 2021, A Basic Banking Service For Businesses

From 1 May 2021, businesses will also have an access to a Basic Banking Service. This comprises a guaranteed access to a bank account so that they can, in principle, use basic payment services.

For consumers, a Basic Banking Service was already introduced in 2003. This is now also happening for businesses.

This is important for businesses that are confronted with problems to obtain and maintain a bank account, in particular companies or businesses that have gone bankrupt or that operate in certain sectors (e.g. the hotel and catering industry, diamond sector, etc.).

1. What does this Basic Banking Service comprise?

Every business that is registered with the cross-road bank for enterprises, hence has a CBE number in Belgium, and of which an application for payment services at least has been refused by three credit institutions is entitled to a Basic Banking Service as from 1 May 2021, subject to certain conditions.