The European Union (EU) Parliament and the Council have approved new rules, which state that every legal citizen rising in the EU should have the right to open a basic payment account.
The basic payment account will allow customers to pay in and withdraw cash and perform payment transactions within the EU without any fee or a reasonable fee.
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According to the new rules, fees and interest rates for all payment accounts should be clear and customers should be easily able to switch to another payment account having better terms and conditions. Banks must also take responsibility to refund any financial losses resulted during the switching process.
The new rules also states that all credit institutions must ensure than customers in any given EU country must be offered with the basic payment accounts and other competitive offers, which should not be limited to ones offered by banks.
The new rules will be effective only after being approved by Parliament as a whole during the April II plenary session and endorsed by the member states.
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By GlobalData
