In last year's Payments Report, the Riksbank drew attention to the fact that some individuals and companies experience problems opening and maintaining payment accounts with banks. The Riksbank considers that this problem remains.

The Swedish Consumers' Banking and Finance Bureau says that complaints related to the availability of payment accounts are among the most common ones it receives. The problem has also been recognised by, for example, Finansinspektionen, the Swedish Post and Telecom Authority (PTS) and the county administrative boards. The study conducted by Ramboll on behalf of the Swedish Post and Telecom Authority shows that, for example, people without a Swedish ID document, visiting researchers at universities and colleges, as well as refugees from Ukraine, are among the groups that may face problems in obtaining a payment account.

However, consumers are entitled to a payment account with basic functionalities under the Payment Services Act (2010:751). This is provided that the consumer is legally resident in the European Economic Area (EEA), and that it would not be in breach of the Money Laundering Act or for other specific reasons.

Most often, banks cite anti-money laundering rules, in particular lack of knowledge of the customer (KYC), as a reason for denying or cancelling accounts to consumers and companies, or terminating them. At the same time, it is difficult to live a functional life in Sweden without a payment account. Finansinspektionen has expressed the view that banks could to a greater extent offer a payment account with limited functionalities to reduce the risks, or have tighter monitoring of transactions. Efforts to increase access to payment accounts are ongoing in many banks. Read about the Riksbank’s views on access to payment accounts in the chapter Everyone shall be able to pay.

For people without access to a payment account, so-called reloadable cards can be an alternative. For example, government agencies use them to make payments to people who do not have an account. The card seems to work relatively well. However, it has certain limitations, including the fact that you cannot use it to shop online or pay bills. Moreover, the thresholds are often low and the fees high. As the card is not linked to a person's account but to the authority issuing it, there is a certain degree of anonymity built in, which entails, among other things, a risk of the card being misused, used for money laundering, terrorist financing or other criminal activities.

Companies and associations are also sometimes refused an account, or have their account cancelled. They do not have a legal right to open a payment account in the same way as private individuals, but it is of great practical importance to have such an account. On the other hand, banks, and some other financial institutions, are obliged to accept deposits (contracting obligation) according to the Deposit Guarantee Act. Finansinspektionen believes that the reason for denied and closed accounts in these cases is also related to the banks' application of the money laundering regulations. The Swedish Fintech Association reports that the problem affects their member companies. In the survey of small businesses' views on payments carried out by the Riksbank, only a small proportion stated that they had experienced problems with access to accounts. Thus, among most small traders, restaurants and hairdressers, this does not seem to be a widespread problem.

The Payments Inquiry made a number of proposals in this area. Among other things, the report proposed that Finansinspektionen, through amended regulations, should collect data on the number of denied and cancelled payment accounts. This would make the scale of the problem visible. However, Finansinspektionen has decided that at present the legal conditions are not in place for such a change in the regulations, but the matter is under further consideration.