New agreements should improve access to business checking account

Every bona fide entrepreneur and non-profit organisation should be able to get a business checking account. That is the essence of the covenant that MKB-Nederland, VNO-NCW, Goede Doelen Nederland, VrijwilligerswerkNL, the Betaalvereniging and the Nederlandse Vereniging van Banken concluded with each other today to improve access to business current accounts. The covenant includes agreements on more transparency in the application process and openness about the reasons for any rejection. There will also be a help point where entrepreneurs and non-profit organisations can go for information and advice.

The covenant stems from actual cases of entrepreneurs and non-profit organisations who have been denied payment accounts. A rejection can have various causes, such as because the risks under the Prevention of Money Laundering and Terrorist Financing Act are too high or because a business does not fit into the bank’s acceptance policy. It is not widespread, but every case is one too many as an entrepreneur or non-profit organisation can do nothing without a checking account.

Between shore and ship

Entrepreneurial and non-profit organisations welcome the covenant. They understand that banks, in their role as gatekeepers, need to prevent criminals from abusing the financial system, but at the same time note that bona fide businesses and non-profit organisations now experience the necessary obstacles when opening a business account and thus sometimes fall between the cracks.

Transparency

There may be valid reasons for banks not to grant a checking account. For the entrepreneur or non-profit organisation in question, it is then crucial to know why this is the case. The covenant therefore requires banks to be as transparent as possible about the application procedure for a business current account and, in the event of a refusal, to indicate the reason for it. In turn, business owners and non-profit organisations will make their members more aware of the importance of providing timely and correct information for the application.

Help in finding alternative providers

An important part of the agreements is that banks can refer rejected entrepreneurs to the Chamber of Commerce (KVK) for a business checking account. During 2026, entrepreneurs and non-profit organisations can contact KVK for information and advice on applying for a business current account and KVK will further help entrepreneurs find alternative providers. For example, a customer’s activities may not fit into an individual bank’s acceptance policy. Think, for example, of a green bank that does not partner with the fossil industry. Entrepreneurs or non-profit organisations that are rejected for such reasons can, in many cases, go to other providers. It has been agreed that in case of a referred application, banks have a best-efforts obligation to help the customer benevolently obtain a current account and they aim to process 80 per cent of referred applications with a complete file within two working weeks.

Monitoring experiences

With the help point, the covenant partners also want to gain more insight into the problems faced by entrepreneurs and non-profit organisations. During the three-year term of the covenant, those experiences will be monitored and reported to the parties involved. Any bottlenecks will be discussed in the Social Consultation on Payments. The agreements made can count on the support of De Nederlandsche Bank and the Ministry of Finance.