Do we have the right to a current account?

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Published on 29/05/2025

Among the complaints submitted by bank customers to the ABF (Banking and Financial Ombudsman) or reported to Banca d'Italia, one of the most common issues is the refusal by a bank or other payment service provider to open a current account. Yet, having access to a payment account is essential for managing everyday financial needs and promoting social and economic inclusion.

It is important to know that, as a general rule, banks and other payment service providers are not obliged to accept requests to open a payment account. This decision falls within their discretion, provided they comply with rules on fairness, transparency, and the safeguards required under anti-money laundering (AML) regulations. However, there is a key exception: the basic payment account, which offers access to essential banking services.

So, while there is no absolute and unconditional right to open any type of account, consumers do have the right to access a payment account with basic features, in line with European legislation (Directive 2014/92/EU on payment accounts).

The basic current account regulation provides a predefined package of transactions and basic payment services, such as depositing funds, withdrawing cash, and making and receiving payments, at a reasonable annual fee (in some cases, the account is offered free of charge, for example to financially vulnerable individuals). Banks, Poste Italiane, and other payment service providers may refuse to open a basic payment account only if the applicant already holds another payment account in Italy, does not act as a consumer, or is not legally residing in the European Union. A refusal may also occur where necessary to comply with AML obligations.

In Italy, a similar initiative is under discussion. A proposed law aims to introduce a general obligation for banks to open a current account upon request, subject to compliance with AML legislation. The proposal is still being examined by the relevant institutional bodies - you can read Banca d'Italia's hearing on the topic here (only in Italian).