The
European Commission has welcomed the adoption by the EU’s Council of Ministers
of the Directive on the transparency and comparability of payment account fees,
payment account switching and access to a basic payment account.The Directive will foster the creation of a real Single
Market for retail financial services bringing numerous benefits to EU citizens
by providing them with a right to a basic payment account irrespective of their
place of residence or financial situation. The Directive will also substantially
improve the transparency of bank account fees and make it easier to switch a
bank account from one bank to another.
The Directive will now be signed by the European Parliament
and published in the Official Journal of the European Union. Member States will
then have two years after its entry into force to implement the Directive into
their national law.