Anyone who has tried to close a bank account or changing bank knows that often the process can be more complicated than it should. Unexpected demands, excessive bureaucracy and unin -clear deadlines make it difficult to be fast and accessible. However, this reality is about to change. Banco de Portugal has implemented a set of good practices that all financial institutions will have to comply by January 1, 2026, ensuring more transparency and simplicity in these procedures.
New rules to make life easier for customers
Banco de Portugal has established 13 fundamental guidelines for modernizing the relationship between banks and customers. The goal is to ensure that essential processes, such as ending an account or moving to another institution, is more direct and efficient. The main changes include:
• Closing Bank Accounts – Regardless of the reason, either at the initiative of the customer, the bank or due to the death of the holder, the procedures will be simpler and more affordable.
• Account transfer to another bank – Changing institution will be a faster process, avoiding unnecessary obstacles.
• Cancellation of debit cards – Customers are no longer required to physically deliver the card so that the cancellation is performed.
With these changes, consumers are no longer subject to administrative obstacles that often made it difficult or delayed simple processes.
Lack of transparency is no longer justification
Currently, banks resort to several justifications to make the closing of accounts difficult, extending a process that could be resolved simply. With the new guidelines, some of the reasons most used by financial institutions are no longer accepted. Among them, stand out:
• Positive balance on account – Banks will be required to transfer the remaining amount to an account indicated by the customer or to issue a check to survey.
• Active cards -Even if the customer does not return the card, the bank must cancel it upon authorization.
• Unused checks – The existence of requested but not yet used checks can no longer be a reason to prevent the account. With customer authorization, the bank may automatically annul them.
These new rules prevent banks from using unnecessary bureaucracy to postpone or make it difficult to exit customers.
Closing of accounts can be done online
Another significant change is the possibility of terminating or transferring a bank account digitally. Banks will be required to make available online and accessible online forms on their websites. In addition, the process may not exceed 13 business days, ensuring a more efficient service adapted to customer needs.
End of improper fees and reinforcement of the inspection
In addition to simplifying the processes, Banco de Portugal intends to end practices that penalize customers unfairly. Some financial institutions applied rates high for the end of accounts or the return of the remaining balance. With the new standards, this type of collection will be prohibited, ensuring greater transparency and justice.
According to, to ensure that banks comply with these guidelines, Banco de Portugal has reinforced the inspection through “mystery customer” inspections and operations, which allow to identify failures in the services provided. Financial institutions will now have an obligation to train their employees, ensuring that they know and correctly apply the new rules.
With these changes, the relationship between customers and banks becomes more balanced. The end of a bank account and the transfer to other institutions will no longer be bureaucratic and time consuming processes, ensuring that consumers can manage their finances more freely and simple.
Banco de Portugal wants to ensure that banking bureaucracy does not make it difficult for customers’ freedom to choose. Thus, these new rules promise to bring more clarity, efficiency and justice to the financial sector.
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