Bank customers have the option to transfer their accounts to another institution, but they should be aware that this change may incur additional costs.
“The original and destination institutions may charge fees for certain tasks associated with the account transfer service. However, the account holder must be informed of these costs before deciding to proceed with the transfer,” states the Bank of Portugal (BdP).
The guidelines specify that “the amount of the costs should be reasonable and should align with the actual costs incurred during the process.”
Furthermore, the BdP clarifies that institutions involved in the account transfer process cannot charge fees for:
- Providing information about the account transfer service;
- Supplying the customer with personal information regarding standing orders and direct debits;
- Making available the list of existing standing orders from the original account and the available information on direct debit authorizations subject to change;
- Providing available information on recurring credit transfers in favor of the customer and recurring direct debits ordered by the creditor that have been executed in the customer’s account over the past 13 months;
- Closing the original account.
