On 28 August 2014, the text of the Directive on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (PAD) was published in the Official Journal of the EU (OJ). The Directive was adopted by the European Parliament on 15 April 2014 and by the Council of the European Union on 23 July 2014. The Directive will enter into force on 17 September 2014. Member states must transpose the Directive into national law by 18 September 2016.
What this means for you
Once the Directive is transposed into national law, payment service providers and credit institutions will be subject to the rules concerning transparency and comparability of fees charged to consumers on their payment accounts, rules concerning the switching of payment accounts and rules to facilitate cross-border payment account-opening for consumers.