For ordinary termination under Article 74 of the Payment Services Law, a payment service provider may terminate an indefinite framework contract only where the right is expressly stipulated in the contract and at least two months’ notice is given. A payment service user may terminate at any time; any notice period imposed on the user may not exceed one month.

Key Takeaways

• Provider-led termination of an indefinite framework contract requires a contractual basis and a minimum two-month notice period.

• Termination is free for the user, except where the contract has been in force for less than six months; any charge must be appropriate and correspond to costs.

• For consumers, the Law of 13 June 2017 on payment accounts adds rules on fee transparency, account switching, and access to payment accounts with basic features.

A retail account closure is a legal and operational process that must be documented account by account. Operational points include joint accounts, dormant clients, cards, direct debits, negative balances, and access to a replacement account before closure. In practice, each closure should be traceable from the contractual basis and termination notice through to the final account status.

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