Curacao Guarantees Right to Basic Bank Account for All Residents. But NOT ST MAARTEN!
Curaçao Guarantees Right to Basic Bank Account for All Residents Starting July 1
But NOT ST MAARTEN! SXM POLITICIANS ARE THE WORST!
WILLEMSTAD – Starting July 1,
every resident of Curaçao will gain the legal right to open a basic bank account.
The new National Ordinance on Basic Bank Accounts mandates that banks offer simplified accounts to all residents,
including individuals previously denied access due to lack of documentation or commercial concerns.
This law directly supports people working in the informal economy,
those with unstable income, and anyone excluded from traditional banking services.
The basic account enables users to receive wages,
make payments, transfer funds, and handle deposits or withdrawals.
However, it excludes features such as credit lines, overdraft protection, or savings options.
Parliament passed the law on February 1.
Since then, authorities have notified banks to ensure readiness for implementation.
Residents without a fixed address, a formal job history,
or those who experienced financial hardship now have a clear legal pathway to obtain a bank account.
Banks can reject applications only under strict conditions,
such as proven identity fraud, past account abuse,
or if the applicant already holds another account.
Moreover, banks must process applications within ten working days.
If they deny an application, they must provide a written explanation, free of charge. Additionally,
they must inform applicants of the complaint process,
the oversight role of the Central Bank of Curaçao and Sint Maarten,
and the individual’s right to legal action.
Furthermore, the law defines when banks may close a basic account.
Acceptable reasons include 24 months of inactivity, loss of legitimate interest, or consistent breaches of the deposit cap.
The Central Bank will set this cap and determine the required documents for account opening.
Also, banks must keep fees for basic accounts lower than standard account charges.
By introducing this ordinance, Curaçao aims to ensure universal access to banking.
In doing so, the island supports full participation in economic and social life—
regardless of one’s background or financial situation.