Notice closing a bank account (Greece)

Published byDocMuse

The letter by which an account holder in Greece closes the account and ends the framework agreement with the bank: the account, the closing date, the account to receive the balance, cancelling cards, standing orders and direct debits, a pro-rata refund of fees paid in advance, and written confirmation. It rests on Law 4537/2018, which transposed the EU Payment Services Directive; the letter asks for closing on the date chosen or when the notice period in the contract ends, if that is later.

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Common questions

How much notice does closing a bank account in Greece take?

The EU Payment Services Directive, transposed by Law 4537/2018, lets the customer end the agreement at any time and says any notice period in the contract may not exceed one month. Check what your own contract says. The letter asks for closing on the date chosen or when the contract's notice period ends, if that is later, so it works whatever the period is.

Does a Greek bank charge for closing an account?

Under the EU Payment Services Directive, ending the agreement is free once it has run for at least six months; for a newer one the bank may charge only what the contract provides and what matches its costs. Fees paid in advance for a period after closing are refunded pro rata, and the letter asks for that expressly.

What should be sorted out before a Greek bank account is closed?

Move salary, pension or benefits to another account, and tell anyone collecting by standing order or direct debit — electricity, phone, insurance. If you receive rent, from 1 July 2027 it may be paid only into the landlord's bank account, so give the tenant the new account in good time. If there is a debit balance, the bank will usually want it paid before closing.