New Rules Aim to Curb Sudden Bank Account Closures
From April 2026, banks and payment service providers will be subject to stricter regulations on how and when they can close customer accounts. The new legislation aims to increase transparency and provide individuals and small businesses with greater notice and the ability to challenge decisions. Key Changes Include: Customers must be given a minimum of 90 days’ notice before an account is closed or a payment service is withdrawn—an increase from the current 60-day notice period. A written explanation must be provided, clearly outlining the reasons for the closure. This measure is designed to help customers challenge decisions, including escalating [...]