Notice - Consultation Paper on Proposed Basic Bank Accounts (2026-08-07)

Summary

This is a BMA notice announcing publication of a Consultation Paper proposing amendments to the Banks and Deposit Companies Act 1999. The proposed changes would require certain bank licensees to offer a basic bank account as part of their minimum services, aimed at improving financial inclusion for eligible customers in Bermuda.

• Purpose: To require certain licensees to provide a basic bank account as a minimum banking service, developed in consultation with the Ministry of Finance.
• Goal: Enhance financial inclusion by ensuring eligible customers can access safe, reliable and affordable basic banking services.
• Action requested: Stakeholders are invited to submit comments and feedback on the proposals in the Consultation Paper to policy@bma.bm.

This is a consultation notice only; it does not itself amend the law but signals a proposed regulatory change that affected licensees should monitor and respond to.

Key obligations

• Stakeholders wishing to respond must submit comments and feedback to policy@bma.bm no later than close of business 22 September 2026.

Applies to

banks, deposit companies, bank licensees

Deadlines

• 22 September 2026: Deadline for stakeholders to submit comments and feedback on the Consultation Paper on Proposed Basic Bank Accounts, to be sent to policy@bma.bm by close of business.