Payment account | Austrian Anadi Bank

Payment account with basic functions

Any natural person who is lawfully resident in the European Union or who has leave to remain there is entitled to a payment account with basic functions.

The features of a payment account with basic functions

A payment account with basic functions is offered by Austrian Anadi Bank AG exclusively in Euros and only provides the following banking services:

  • All procedures necessary for opening, managing and closing the payment account.
  • Services for paying in a cash amount to the payment account.
  • Services for withdrawing cash from the payment account within the European Economic Area, at a customer Service counter and also during and outside the bank’s opening times at cash machines.
  • The execution of the following payment procedures within the European Economic Area:
    • Direct debits;
    • Payment procedures using payment cards, including online payments;
    • Transfers (including standing orders) at terminals and customer service counters (where available) and also via the Internet banking service provided by Austrian Anadi Bank AG
  • Management of the payment account with basic functions on a credit balance basis.
     

Prices and services

Information concerning charges Payment account with basic functions as envisaged in § 25 (1) of the Austrian Consumer Payment Account Act [VZKG] for vulnerable persons; EUR 40,00 p.a.
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Information concerning charges Payment account with basic functions as envisaged in § 25 (1) of the Austrian Consumer Payment Account Act [VZKG] for vulnerable persons; EUR 80,00 p.a.
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Who can apply for a payment account with basic functions?

Any natural person who is lawfully resident in the European Union or who has leave to remain there and who does not yet have any payment account with a credit institution domiciled in Austria which enables him to use payment transaction solutions.
The target group is mainly consumers who are particularly vulnerable, such as persons without any fixed abode or asylum seekers.

How do I get a payment account with basic functions?

Applications for a payment account with basic functions must be made by the consumer personally and in writing at a branch of Anadi Bank. Consumers are not obliged to purchase additional services in order to be able to open a payment account with basic functions.

Decision period; possibility of appeal

Once the application has been made, Anadi Bank will within 10 working days either open the account or reject the application for a payment account with basic functions. Any rejection will be notified in writing at no cost to the applicant, and the reasons for rejecting the application will be stated.
The applicant can file an appeal against the rejection decision before the Financial Market Authority [Finanzmarktaufsicht] or the extrajudicial arbitration service FIN-NET. The contact details for these bodies will be stated in the rejection letter.

Reasons for rejecting an application

  • The person already has an active payment account in Austria.
  • Criminal proceedings are pending against the person on the basis of a deliberate act which is to the disadvantage of the credit institution or one of its employees.
  • Judgement has already been pronounced against the person in accordance with §210 (1) of the Austrian Code of Criminal Procedure 1975 – StPO, BGBI No. 631/1975 – even if the judgement is not yet enforceable.
  • Rejection on the basis of money laundering regulations.

     

Reasons for termination

  • The account holder has intentionally used the payment account for unlawful purposes.
  • No payment transactions have been processed for at least 24 months.
  • The account holder no longer has any lawful abode in the EU.
  • The account holder has provided incorrect information when opening the account.
  • The account holder has opened a second payment account in Austria.
  • A charge is brought against the account holder on the basis of a deliberate criminal act which is to the disadvantage of the credit institution or one of its employees.
  • The account holder has used the payment account for business purposes.
  • The account holder has rejected an amendment to the framework agreement which has been validly offered by the credit institution to all persons holding basic accounts at the credit institution.
     

In the event of termination, Anadi Bank will inform the account holder of the reasons in writing two months in advance, at no charge to the account holder. In this case the account holder can file an appeal before the Financial Market Authority or contact the extrajudicial arbitration service FIN-NET. The contact details for these bodies will be stated in the termination letter.

If the account is unlawfully used or if incorrect information has been given, termination becomes effective immediately.

Directive EU 2014/92 has been implemented in Austria within the framework of the Consumer Payment Account Act [Verbraucherzahlungskontogesetz (VZKG)], which came into force per 18.09.2016.