The Commission has published its proposal for a Directive on transparency and accountability of payment account fees, payment account switching and access to a basic payment account. Key elements of the proposals require:

  • payment service providers to give consumers statements on fees following standard terminology and formats;
  • each Member State to have at least one independent comparison website;
  • payment service providers to complete switching requests within 15 days for domestic switches or 30 days for cross-border switches and to provide consumers with clear information on switching; and
  • Member States to allow any EU national to open an account in their jurisdiction and to ensure at least one payment service provider in their jurisdiction offers a basic account with access for all consumers to defined services.

These “basic” accounts will not have overdraft or lending facilities but will allow withdrawals and transfers and will provide a debit card.

(Source: Commission Publishes Account Transparency Proposal and Proposal for a Directive)