WILLEMSTAD – The law that guarantees a bank account for everyone is now officially in effect. This law provides individuals who do not have access to a regular bank account—such as those without a monthly paycheck—an opportunity to perform financial transactions. This was announced by the government. 

The so-called "basic bank account" is specifically designed for people who face difficulties in opening a bank account. The new account allows a maximum deposit of 3,000 guilders. According to the government, this limit helps reduce the risk of money laundering. 

With the basic account, customers can make electronic payments, such as paying rent, water, and electricity bills through Aqualectra, and waste collection fees via Selikor. The government states that this is a first step towards greater financial inclusion for the entire community. 

The Central Bank of Curaçao and Sint Maarten, which oversees the financial sector, will ensure compliance with the law. The new law requires banks that reject applications for a basic account to clearly inform the consumer about the internal complaints process, the complaints route via the Central Bank, and the right to file a lawsuit. 

Additionally, the government announced that it is working with other relevant parties to ensure that information about these procedures is available in plain language. There are also plans to establish a "small claims court" to make it easier for consumers to take legal action if a bank unjustly refuses their application. 

The government expressed its support for the parliament's plans to involve various stakeholders, such as the bankers' association, the international financial sector, and the Consumers Foundation, in a technical meeting to clarify their positions.