The Bank of Portugal ordered the extension of minimum banking services scheme (SMB) to all credit institutions.

From October 5, “all credit institutions that provide public services that integrate minimum banking services” will market accounts ‘low cost’.

Low-cost accounts are characterized by making available a set of banking services considered basic, and the maximum cost in commissions, fees, charges or expenses can not exceed 1% of the national minimum wage, ie 5.05 euros annually.

From October 5, all institutions “shall publicly disclose, and stay in their offices and on their respective websites, information on the minimum banking services, in particular on the conditions of access and provision of these services.”

The supervisor also determines that all banks communicate to banking customers the ability to convert the deposit checking account into account minimum banking services.

Banks are required to post in a visible place all its branches and service outlets to the public, and in A4 format, a poster on the minimum banking services.

The information contained in a notice issued today by the Bank of Portugal, which establishes the disclosure obligations of banks and regulates its activities. (Read more)

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