Since 18.09.2016 every consumer has had the right to a basic payment account, which is also known as a “Jedermann-Konto” (account for the man on the street).
The functions of the basic payment account are:
You are not able to overdraw your basic payment account.
Please note that the bank is required to comply with its legal due diligence obligations in connection with the prevention of money laundering and the prevention of terrorist financing, which above all include precise verification of identity. Please also consult our information about the obligation to identify oneself.
Banks are required to inform you in writing why you are not allowed to open a basic payment account. You may complain to the FMA or the conciliation service (Schlichtungstelle) (information only available in German) about this.
Possible reasons for your application being rejected: