Press Release: Commission recommends access to basic and affordable bank accounts for all citizens

Access to a bank account has become a pre-condition for participating fully in the economic and social life of a modern society and the use of cash is rapidly decreasing.

On 18 July 2011 the European Commission adopted a (non-legislative) Recommendation on access to a basic payment account to promote financial and social inclusion for consumers across Europe. The Commission invited Member States to ensure that such accounts become available at a reasonable charge to consumers, regardless of their country of residence in the EU or their financial situation. It will then assess the situation in one year's time and propose any further measures as necessary, including legislative measures.

EurActiv reported that EU consumer groups accused the European Commission of backing down on past promises to table legislation on the matter.

• Primary Source

European Commission: Memo/11/514: Access to a basic payment account – Frequently asked questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/514&format=HTML&aged=0&language=EN&guiLanguage=en

EurActiv, 19.7.11: Consumer groups slam EU 'basic bank account' plan http://www.euractiv.com/consumers/consumer-groups-slam-eu-basic-ba-news-506651

European Commission: 2011/442/EU - Commission Recommendation of 18 July 2011 on access to a basic payment account http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:190:0087:0091:EN:PDF

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