Basic account

Published: 2/12/2020 Modified: 1/1/2023
A basic account is a payment account in euro, which comprises standard services and is accessible to all consumers legally resident in any of the countries of the European Union.

An account with basic features is a payment account in euro, which enables the performance of the following services:

  1. the opening, operating and closing of a payment account;
  2. funds to be placed in a payment account;
  3. cash withdrawals;
  4. execution of the following payment transactions:
    • direct debits;
    • payment transactions through a payment card, including online payments; and
    • credit transfers, including standing orders, at terminals and counters and via the online banking systems.

An overdraft facility on the basic account is not permitted.

Consumers legally resident in the EU, including consumers who are not granted a residence permit but whose expulsion is impossible for legal or factual reasons have the right to open and use a basic account.

In the Republic of Croatia, all banks whose total assets according to the audited annual financial statements for the preceding year exceed EUR 1,990,842,126.22 shall offer a basic account to consumers.

In order for consumers belonging to a vulnerable group to be financially included, banks charge more favourable monthly fees to the beneficiaries of the following rights:

  1. guaranteed minimum allowance;
  2. personal allowance for an accommodation beneficiary;
  3. regular higher education allowance;
  4. personal disability allowance;
  5. assistance and care supplement; and
  6. jobseeker's allowance.

Switching to a new bank

You are dissatisfied with the services of the current bank or you have assessed that another bank is offering you a more favourable service? The improved regulatory framework provides for a simplified process of switching from one bank to another. For the switching service, it is necessary to refer to the newly selected bank that will take over the administrative procedure of switching. In this manner, you are offered a clear, quick and safe procedure to switch payment accounts that does not entail an excessive administrative and financial burden.

The switching service consists of the transfer of information about all or some standing orders, recurring direct debits and recurring incoming credit transfers executed on a payment account from the "old" to the "new" bank. You can define the specific scope of the switching service in the authorisation you will grant to the "new" bank.

The time limit for payment account switching is a maximum of 12 business days, and the Act on the Comparability of Fees Related to Payment Accounts, Payment Account Switching and Access to Basic Accounts prescribes that the "old" and the "new" bank do not charge any additional fee for the use of the switching service. For a detailed procedure of switching to a new bank see here.

Closing the account at a bank

If you wish to close a payment account, if six months have passed from the date of concluding the framework contract, you can do it without paying a fee. Of course, you have to settle the existing financial liabilities, such as the costs incurred from using a permitted or tacit overdraft facility.