In recent years, many entrepreneurs and businesses have encountered increasing obstacles in opening or maintaining a bank account.
Your accounts can suddenly be closed, or your new company may not even be able to open an account... Fortunately, there is a solution: the minimal banking service for businesses, a basic right now enshrined in legislation.
Without a bank account, it is very difficult for you as an entrepreneur to operate: where should your invoices be paid? How do you pay your staff and suppliers? The legislator has recently intervened in the dire situation where many businesses could not open an account or saw their existing bank account terminated by their bank, often without any reason other than a simple reference to their general banking terms...
The right to a basic banking service will allow the business to deposit and withdraw money, make transfers, initiate direct debit orders, and pay with a bank card. The service is provided by the so-called "major banks" (e.g., BNP Paribas Fortis, KBC, ING, Belfius, but also AXA, Argenta, and Crelan).
The conditions
Every Belgian company registered in the Crossroads Bank for Enterprises (KBO) is entitled to a basic banking service. Companies that are not yet registered (because they are, for example, still in the process of being established) but have already submitted an application can also make use of the basic banking service.
To apply for a basic banking service, a company must have submitted an application to three different banks for minimal banking services. If three banks refuse the application, the company can apply for a basic banking service with the so-called "Chamber of Basic Banking Services “of the Department of Economy.
This application must contain the following elements:
- A declaration on honour that you do not already have a basic banking service or payment account
- A confirmation (proof) that you have made three applications that were refused
- A complete application form
The Chamber will then examine whether your application is complete. No later than the following month, this body will designate a bank that must provide you with this basic service. This bank then has ten working days to effectively offer you this service.
However, the bank can (with justification) refuse to offer you this service if you already have a basic banking service or another current account, or if you are involved in certain criminal offences. Certain legal remedies are then available against that refusal.
Cost
In principle, the banks designated by the government determine the price of the minimal banking service, although this is generally reasonable.
The main concern for the company is often to have a functional bank account to develop or continue its activities, despite this small extra cost.
Can the designated bank terminate the contract?
The bank providing the basic banking service for your company can terminate it in the following situations:
- No payment transaction has taken place in the last 12 months (non-use)
- A director or manager of your company has been definitively convicted of fraud, breach of trust, fraudulent bankruptcy, or forgery
- The company has misused the payment account in the context of the basic banking service for illegal purposes
- Incorrect information was provided to obtain the basic banking service
- The company has already opened another payment account in Belgium
How we help you
At Vanbelle, we understand that your focus should be on running your business, not struggling with banking procedures.
The application process, like any administrative request, is filled with formalities, information to be obtained, and documents to be submitted, resulting in stress and loss of time. Moreover, strategic planning is essential beforehand to maximize your chances of success or possibly find alternatives
