The checking account is in red, beware of the new limits: what you need to know

Bad news for checking account holders in the red, who risk dealing with dire consequences. So let’s get into the details and see what we should know.

Joint current account deduction

From bills to various daily needs, there are many times when we find ourselves having to put our hands in the wallet to pay for the different goods and services that we love. A clear demonstration of how CapitalWhile it does not guarantee happiness, it does prove to be very beneficial. It is not surprising, then, that in a historical moment like the present, marked by a serious economic crisis, there are many who decide save, so that you always have the money to draw in case of unexpected events.

A story that certainly does not go unnoticed and which attracts particular attention from Banks, who thus find themselves facing particularly high administrative costs, so much so that they decide, for example, to Closing accounts with more than 100,000 euros. If all this isn’t enough, starting January 1, 2021 we have to deal with some New European rules القواعد, which worries all those with a checking account in red. In particular, what are the new risks and limits to consider. So let’s get into the details and see what we can know about it.

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The checking account is in red, beware the blow: all you need to know

Bank account
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Starting on January 1, 2021, New rules from EBA. Actions that may eventually lead many account holders to deal with dire consequences. In this regard, we remind you that in the event that the person concerned does not have enough liquidity in his account to be able, for example, to meet automatic payments, then here are the risks of occurrence Report suffering. The latter can lead to everyoneRegistration in the bad funders database.

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Not a pleasant situation, and the risk of some rediscovering ensues difficulty, for example, to reach New lines of credit or loans. The situation is further complicated by the fact that the new overdraft restrictions imposed by the EBA are particularly low, which increases the chances of an increase in the number of default reports. But not only that, the bank may decide not to make it available anymore automatic discount.

Conduct, the latter, after which there is the risk of having to deal with the freezing of payments for utilities and loan installments. Speaking of limits, we remind you that after 90 days of no payment, with Amount over 100 Euro, the institution must provide credit for Report the concerned customer to the central risk office. This amount increases to 500 euros in the case of companies with a turnover of more than 5 million euros. So it’s easy to understand that lower-volume companies are at greater risk, many of which are already struggling with the fallout from Covid’s impact on the economy.

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At the same time, it is good to know that the new European legislation does not prevent a potential customer from having a checking account with a negative balance. The bank, in fact, may decide to grant one infringing on its customers, compared to quick investigation committee. It must be emphasized that the latter is presented as a possibility, but not mandatory. So in case of difficulty, it is best to inquire with your reference bank.

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Thelma Binder

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