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Low-cost bank accounts, with a maximum limit of 4.38 euros per year, have been promoted by the Government and the Banco de Portugal, but inspections by the bank supervisor show that, at least in two institutions, not everything is running smoothly. Access to these accounts has been refused without reason and there is even, at least in one of them, an improper collection of commissions. In fact, the Banco de Portugal left a determination to one of the banks on the issue of fees: BCP. However, all the main banks in the system, from Caixa Geral de Depósito to BPI, received instructions on aspects to change in this type of account.
All banks have been obliged, since 2015, to provide accounts for minimum banking services, guaranteeing access to a limited set of operations for those who only have a checking account (opening and maintenance, deposit card, deposits and transfers) a Limited cost. In total, there are more than a hundred institutions covered, and all of them were also under the supervision of the supervisor.
In these inspections and analyzes, irregularities were detected, according to the conclusions revealed by the Banco de Portugal in the 2019 behavioral monitoring report, published this Wednesday, April 29.
There are already more than 100,000 accounts associated with minimal banking services. In 2019, the increase was 75%, which shows significant growth in a year in which the increase in bank fees was present in the media space.
These accounts have a limit of commissions and charges of 4.38 euros, the amount that this year corresponds to 1% of the value of the social support indexes. But, reveals the supervisor chaired by Carlos Costa, “based on the information extracted from the computer systems and the processes analyzed, the improper collection of commissions for the use of the services included in the commission for the maintenance of the SMB account, such as availability debit card payments, cash withdrawals at the counter or up to 24 interbank transfers through home banking in each calendar year. ”
In the report, the Banco de Portugal does not say which entity has violated these limitations. However, it emphasizes that in 2019 it issued a single specific determination on the subject of improper charges for these services, addressed to Banco Comercial Português.
There are innumerable other determinations on the subject of minimum banking services, such as the information that must be provided to customers or even the conditions of access. In fact, 157 specific determinations followed 101 credit institutions. Reference is also made to CGD, BPI, Santander or Novo Banco for having other aspects to correct, since they are also the objectives of other determinations (but not of commissions).
According to the report, of the 105 entities with minimum banking services (the number is high because it includes autonomous agricultural credit banks), the account maintenance fee was, on average at the end of the year, 3.54 euros, an increase 2 , 86% compared to the average in 2018. The highest value practiced in one of the banks was 4.28 euros, but there were those who did not charge anything.
Other irregularities
But commission is not the only problem. There were banks that even refused to open minimal banking services, based on “reasons not provided for by law.” “For example, we found cases where access to minimum banking services was denied due to the fact that the clients in question are credit card holders or term deposits associated with the demand deposit account to be converted, as well as customers with expired credit contracts “, a justification that cannot be given to access these accounts. Anyone can access it, if they do not have a deposit account in sight, and having only one, they can convert it.
Similarly, banks also closed these basic accounts without waiting 24 consecutive months without any movement, contrary to expectations. The provision of information in accordance with the defined rules also has several breaches.
At the end of 2019, there were 103,628 minimum bank service accounts, a number representing a growth of 75% compared to the end of 2018. The Banco de Portugal has tried to encourage their use, even at a time when there is controversy due to increase in bank fees determined by the vast majority of national banks, strangled by not being able to earn money with the pure banking business (credit).
In total, 159 determinations or recommendations were issued to banks because of minimum banking services, behind those related to bank deposits (334) and consumer credit (193).
