Why is Qonto closing my account?
Qonto reserves the right to terminate the contract that binds us and, as a result, to close certain accounts: Article 9.1.2. Termination at the initiative of the Institution. An account can be closed for various reasons, such as:
- Involvement in prohibited activities with Qonto
- Improper use of the account
- Failure to respond to a request for information about your transactions
- Breach of our Terms & Conditions
As a payment institution authorized by the ACPR (Prudential Supervision and Resolution Authority), we have a duty of vigilance and carry out careful monitoring of the transactions performed by our customers. This legal obligation is set out in Article L561-6 of the Monetary and Financial Code.
Qonto may also close customer accounts for administrative reasons. Some examples:
- Deregistration
- Judicial reorganization
- Incapacity to manage
- Overdrawn account
- Management conflict
- Activity not supported by Qonto
- Error during account opening
In that case, you will receive a notification email at the address you use to log in to your Qonto account. All information regarding the closure is included in this email; our customer service cannot provide any further information about the matter.
Can I find out the reason for the closure?
Our customer service cannot disclose the reasons for the closure to you. We are legally not permitted to share this information.
What notice period must be observed?
For business payment accounts, the notice period is 30 days from receipt of a closure notification (Article L314-5 of the Monetary and Financial Code).
The length of your notice period may vary depending on the reason for closure, ranging from 30 to 90 days. Some examples:
- Deregistration: 60 days
- Overdrawn account: 30 days
- Judicial reorganization with an administrator: 30 days
- Management conflict: 30 days (after 7 days of mediation)
💡 In certain specific cases, Qonto may also close an account without prior notice (Article L561-8 of the Monetary and Financial Code), as provided for in Article 9.1.2. Termination at the initiative of the Institution of our contract.
What should I do once I receive a closure notification?
💡 The email we sent you contains specific guidance in case the account closure can be canceled.
Depending on your situation, here are the steps you can take:
Open a new account
If you don't already have another business account for your company, open a business account with another institution as soon as possible. You can quickly open an account with an online institution or a traditional institution.
Retrieve your useful information
-
Export your transactions
Download an export of your transactions and any receipts or supporting documents that can help with your accounting. -
Retrieve your Qonto invoices
Go to the Settings & tools section of your Qonto web interface.
Then go to Account settings.
Click on the Qonto invoices section.
Select the invoices you want to download. -
Send your new IBAN
Share your new IBAN with your clients: you can find the list of your payers on your Qonto interface under the Business account > History tab. Then filter transactions by: When, Amount, Is greater than, €0.
Share your new IBAN with organizations that collect direct debits from your account: you can find these organizations by going to the Business account > Direct Debits tab.
NB: After your account is closed, you will still have access to Qonto to view and export your historical data.
Settle your Qonto account
Bring your account balance to €0 before the end of your notice period.
📩 We will send you a reminder email 14 days and then 7 days before your account is closed.
What happens if I don't settle my account before the end of the notice period?
If your balance is above €0 after the notice period has expired, please contact our customer service with a SEPA-zone bank details document (RIB) in PDF format, in your company's name.
If your account is closed due to your company's deregistration, you may, as an exception, provide a personal or business IBAN.
Once verified by our teams, your account balance will be transferred to you within 2 business days.
⚠️ If your balance is above €0, your account will be suspended pending your IBAN, and any applicable fees will still be charged.
Additional documents
If needed, you can request the following documents from our customer service:
- Export of your list of beneficiaries.
- Account closure certificate (available after the account has been deactivated).