Closure of a bank account: remedies available to businesses and individuals
Publication · August 21, 2025
Credit institutions operating in Belgium generally have the ability to terminate their contractual relationship with a client, whether an individual or a business, subject to compliance with applicable general terms and conditions and the legal rules governing payment services, codified in particular in Book VII of the Code of Economic Law relating to payment and credit services. This termination right is not, however, discretionary and must be exercised in accordance with a reasonable notice period and the applicable contractual provisions.
Account closure may result from various grounds: prolonged inactivity, non-compliance with contractual obligations, a commercial decision by the bank, or considerations linked to the due diligence obligations imposed by anti-money laundering legislation. In this latter case, the bank acts in performance of its own statutory customer due diligence obligations, without this exempting it from complying with the contractual and procedural rules applicable to termination.
For natural persons, the legislator has established a basic banking service mechanism intended to guarantee access to minimal banking services, in particular the ability to open and use a current account with essential functionalities, even where other institutions have refused or closed accounts. This mechanism, governed by the applicable payment services regulation, aims to preserve the financial inclusion of consumers resident in Belgium.
Businesses also have access to a basic banking service through a scheme distinct from the consumer regime. Articles VII.59/4 and following of the Code of Economic Law and the Royal Decree of 16 December 2022 provide for applications to the Basic Banking Service Chamber, notably following refusals from several institutions, subject to statutory conditions. The scheme does not override anti-money-laundering duties or guarantee every banking product. A file recording refusals and checking eligibility is therefore needed, rather than assuming businesses have no potential right to a professional account.
In the event of disagreement over the terms or grounds for an account closure, the client, whether an individual or a business depending on the applicable access conditions, may refer the matter to the mediation service competent for the financial sector, namely Ombudsfin, the recognised mediator for disputes between clients and financial institutions. This mediation procedure, free of charge for the complainant, requires that a formal complaint has first been submitted to the institution concerned and that no satisfactory response has been obtained within a reasonable period.
Referral to Ombudsfin enables an independent examination of the dispute, based on the applicable general terms and conditions, payment services regulation and sound banking practice principles, without prejudice to the client's right to bring the dispute before the competent courts if mediation does not result in a satisfactory outcome.
Before any notified closure, it is advisable to carefully verify the contractual notice period, the grounds invoked and the compliance of the procedure followed with the general terms and conditions and applicable regulation, and to keep a written record of all exchanges with the bank concerned in order to facilitate, where necessary, a mediation process.
As the legal framework applicable to banking and payment services is liable to evolve, in particular as a result of successive European reforms, it is for each client, whether individual or business, to verify the current state of the regulation applicable to their situation and, in case of doubt, to seek the assistance of legal counsel or the competent mediation service.