Basic payment account under the Payment Accounts Act (ZKG)

A basic payment account under the Payment Accounts Act (Zahlungskontengesetz – ZKG) is an account with which you can deposit and withdraw money. You can also set up direct debits, carry out credit transfers and pay using a debit card. However, the account provider does not have to provide you with an overdraft or issue you a credit card.

In principle, all consumers are entitled to hold a basic payment account under the ZKG if they are legally residing in the European Union and do not have a payment account in Germany. This includes persons with no fixed address and asylum seekers as well as those who do not have a residence permit but who cannot be deported for legal or practical reasons.

You can find general information about basic payment accounts, valid reasons for refusing to provide one and the rights of persons entitled to one on BaFin’s website.