Bank account ownership certificate

We all know how important it is to make sure our savings are well protected. If the unexpected happens, the consumer needs legal security in order to defend their rights with greater guarantees. That is precisely the function of the bank account ownership certificate. Read on if you want to know what it is and how you can get it.

A certificate of ownership is an official document that proves that one or more people are the owners of a current account. This certificate is required for various operations, such as receiving grants or subsidies, paying basic utility bills or taking out financial products, such as a mortgage or loan. In short, it's essential for everyday life and it's a great ally in the fight against corruption and organised crime.

In the past, many scammers would hide behind accounts with no clear owner. using tax havens or similar methods. All this changed in 2010 with the passing of Act 10/2010, on money laundering and terrorist financing. Now that capital is required to be identified, it's much easier for law enforcement to detect, prevent and punish illegal and dangerous behaviours for society as a whole.

Although it's not strictly required by law, for all intents and purposes, it is. As a result, having this document is practically essential.

• Public administrations require it as an absolute necessity for certain processes: unemployment, tax payments, a subsidy, ERTES (Temporary Layoffs), the Minimum Life Income and other grants, scholarships. This way, you can confirm who you are and avoid potential identity theft. Remember Act 10/2010, mentioned earlier.
• Private companies, especially utilities: when signing up for electricity, gas, water or Internet, utilities make sure that it is you they are actually charging. This requirement is also imposed on investment platforms, casinos and online gambling sites. In general, all companies that require direct debit/deposit
• In addition, financial institutions are required to ask for it before issuing certain products, such as investment funds or other savings instruments. They may also ask for it before approving a mortgage or loan request.

Now that you know more about what a bank account ownership certificate is, how to get it and how it's used; keep reading at CaixaBank to keep up with everything related to your savings.