Basic bank account
The Basiskonto (basic account, also "account for everyone") is a legally guaranteed right to a current account in Germany. Since 2016, no bank may refuse an account request without good reason.
Who benefits?
• People without a fixed address (homeless people)
• Refugees and asylum seekers
• People with a negative Schufa record
• People in personal insolvency
What can the basic account do? Transfers, standing orders, direct debits, card payments, cash withdrawals. What it CAN'T do: overdraft, credit card.
Costs: must not be unreasonably expensive. The Federal Court of Justice (BGH) has ruled that basic accounts may not be more expensive than normal current accounts at the same bank.
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