Banks play a crucial role in the economy: they facilitate payments, provide credit, and ensure financial stability. While individuals have a legal right to a basic payment account, this is not the case for businesses. In practice, this creates significant challenges for entrepreneurs who are unable to open or retain a business account. Recently, the Minister of Finance addressed this issue in a letter. What does this mean for the right to a business bank account?
The right to a bank account for individuals
In the Netherlands and across the EU, individuals have a legal right to a basic payment account. This is laid down in the European Payment Accounts Directive (2014/92/EU), which mandates that banks cannot refuse individuals without good reason. In the Netherlands, this right is implemented in the Financial Supervision Act (Wet op het Financieel Toezicht).
This means that anyone, regardless of income or financial situation, must be able to open a personal bank account. Only in exceptional cases, such as fraud or money laundering risks, can a bank refuse or close an account. This right is essential for participating in society; without an account, it's nearly impossible to receive wages, pay bills, or transfer money.
No legal right to a business account
The situation is different for business accounts. In the Netherlands, there is no legal obligation for banks to provide or maintain business accounts. Banks are free to decline customers, provided they comply with general duty-of-care and competition rules.
Due to stringent anti-money laundering regulations, banks now apply stricter requirements when opening or maintaining business accounts. As a result, some sectors, such as start-ups, freelancers, and industries like crypto or hospitality, often struggle to open accounts.
In addition, there are many reported cases where banks unilaterally terminate business accounts, often without clear reasoning. This can severely impact entrepreneurs, who rely on such accounts for daily operations.
Call to the European Commission
On March 20, 2025, the Dutch Minister of Finance, together with Finland, sent a letter to the European Commission urging preparation of legislation to establish the right to a business account. The letter acknowledges the issues entrepreneurs face in accessing and retaining such accounts. Key points include:
- No absolute right, but essential service: The minister acknowledges that while no absolute right exists, business accounts are vital to the functioning of both companies and the broader economy.
- Need for balanced enforcement by banks: Banks must apply their policies more proportionally and transparently.
- Exploration of legislative solutions: Possible measures range from tighter bank regulations to granting a legal right to a business account, similar to what individuals enjoy.
This letter marks an important step in recognizing the issue at the policy level. The question now is what concrete actions will follow.
Conclusion
The minister's letter shows growing political awareness of the challenges surrounding business bank accounts. Still, no definitive solution has been introduced. Entrepreneurs remain at the mercy of banks, with no legal safety net.
Given the critical importance of business accounts, a legal right seems logical, not to require banks to accept all entrepreneurs, but to ensure clear standards for acceptance and account termination.
Forsyte Advocaten has successfully assisted numerous clients facing issues with business accounts. If you are currently experiencing problems, do not hesitate to contact us.
