Everyday money · Jurisdiction DE

Basic payment account

A basic payment account is a payment account with core functions. Many consumers have a statutory right to one. It is not a loan.

In more detail

Section 31 of the Payment Accounts Act gives consumers legally resident in the European Union a right to a basic account at firms that offer payment accounts to consumers. The firm may refuse in the cases the statute names, for example when a usable account already exists or there has been a conviction in the last three years for an intentional offence against the firm, its staff or customers. If the firm refuses or does not decide within ten business days, you can apply to BaFin for an administrative procedure under section 48.

Background

Transfers, direct debits, a card and paying money in belong to the core, according to what the statute describes as basic functions. An overdraft is not part of this right. Finmon names no firm and files no application. Someone who is refused can look at the path through BaFin, instead of asking a second app.

An example

A bank refuses an ordinary current account. The right to a basic account can still exist when the statute's grounds for refusal do not apply. Whether they apply is not checked by Finmon. BaFin describes how a complaint runs.

A common misconception

Without a clean credit file there is no account in Germany.

The basic account is a statutory path to a payment account, with the grounds for refusal that sections 35 to 37 name. It is not a right to credit.

Source: ZKG §§ 31, 35 bis 38 und 48. Last reviewed: 2026-10-29. Editorially reviewed on 2026-10-29. Next review 2027-10-29. Version 0.2.0. Finmon explains. It does not advise. Not investment, tax or legal advice.