WILLEMSTAD – As of July 1, every resident of Curaçao will have the legal right to a basic bank account. This follows the introduction of the new National Ordinance on Basic Bank Accounts, which obliges banks to offer a simplified bank account to all residents under strict conditions—even to those who were previously denied access. 

The law primarily targets individuals working in the informal economy, those with irregular incomes, or people who were excluded from traditional banking services due to commercial considerations or a lack of documentation. The basic account will allow users to receive wages, make payments, transfer money, and deposit or withdraw cash. However, it excludes features such as credit facilities, overdrafts, or savings options. 

Passed by Parliament on February 1, the law has been publicized to banks ahead of its implementation. Residents who were previously rejected—such as those without a fixed address, formal employment history, or who faced financial difficulties—will now have a legal right to a functioning bank account. 

Banks may only reject an application under exceptional circumstances, such as identity fraud, prior abuse, or if the applicant already holds another bank account. Applications must be reviewed within ten working days. If rejected, the bank must provide a written explanation at no cost and inform the applicant of the complaint procedure, the role of the Central Bank of Curaçao and Sint Maarten, and the right to legal recourse. 

The law also specifies when an account can be closed—only if it has been inactive for 24 months, if there is no longer a legitimate interest, or if the account consistently exceeds its deposit limit. The fees for using a basic account must be lower than those for a standard account. The Central Bank will set the monthly deposit cap and determine the required documentation for opening an account. 

The introduction of this ordinance aims to ensure that all Curaçao residents, regardless of background or financial status, gain access to the formal banking system—a critical requirement for full participation in the island’s social and economic life.