Failure to update bank details on both old and new accounts resulted in accounts being blocked and preventing users from withdrawing money, making payments and other transactions, according to Public.
At the heart of the problem is a law regulated by the Bank of Portugal (BdP), which requires regular attention, maximum once every five years, to the storage of account holders’ data, but does not contain clear rules regarding means and procedures. .
Complaints include not only the inability to perform actions, but also the difficulty of updating data. In accordance with Public, In 2023, from January to July, 3,997 complaints about bank deposits were registered, of which more than 271 related to identification. On average there is one complaint per day.
Older people, expats and citizens with less financial literacy have been hit the hardest, mainly because they need to be present at the counter to check for updates. In the case of accounts with more than one owner, if there is no up-to-date information for any of them, transactions are also prohibited for the others.
Author: morning Post
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.