New Law to Close Inactive Bank Accounts After 90 Days

In the coming days, it is likely that measures will be taken to close inactive bank accounts after a period of 90 days without additional fees.

Amendment to Article 732 of the Commercial Code

A bill aimed at modifying Article 732 of the Commercial Code has been submitted to this effect. This new article provides that the closure of a current account fixed for a determined period occurs at maturity or beforehand, in accordance with the agreement of the parties.

Closure of Current Accounts

If the current account is not fixed for a determined period, its closure can be carried out at any time according to the will of one of the parties without notice. If the decision comes from the bank, it must notify the account holder with a 90-day written notice before the closure.

Closure Scenarios

The closure of the current account occurs in all cases, whether due to loss of capacity, death, settlement, seizure, liquidation, or acceptance of an out-of-court settlement agreement. However, if the account holder ceases to use their account for 90 working days from the last recorded transaction, the bank must automatically close it.

Post-Closure Procedures

In the event of closure, the bank must inform the account holder in writing of the need to return any checks in their possession within 15 days from the date of closure. All current accounts are closed without additional fees and free of charge.

Death and Inheritance

In the event of death, debts owed to the bank are deducted from the current account after settlement of fees and debts related to banking commissions. Heirs are not required to assume any fees or payments and only benefit from what remains of the estate.