Bank accounts: Commission acts to make bank accounts cheaper, more transparent and accessible to all
EU News 224/2013
Brussels, 8 May 2013
Whilst single market legislation has ensured that banks can operate throughout the European Union and offer their services cross-border, this mobility is not mirrored for citizens who are often unable to open an account in another Member State or to easily switch from one bank to another. Furthermore, consumers often pay above the odds for the services they receive from their bank and struggle to have clarity on the various fees charged.
It is in this context that the European Commission publishes today its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.
The Commission proposals tackle three areas:
Comparability of payment account fees: by making it easier for consumers to compare the fees charged for payment accounts by banks and other payment service providers in the EU;
Payment account switching: by establishing a simple and quick procedure for consumers who wish to change from their payment account to one with another bank or payment service provider;
Access to payment accounts: by allowing EU consumers who want to open a payment account, without being residents of the country where the payment service provider is located, to do so. Moreover, these provisions will allow all EU consumers, irrespective of their financial situation, to open a payment account that allows them to perform essential operations, such as receiving their salary, pensions and allowances or payment of utility bills etc.
Source and additional information:
Michel Barnier and Tonio Borg Date: 08/05/2013 Reference: P-023217/00-21 Location: Brussels - EC/Berlaymont (C)EU, 2013 URL