Press Release: Bank accounts: Commission acts to make bank accounts cheaper, more transparent and accessible to all

In today's world, European citizens cannot fully participate in society without a basic bank account. Bank accounts have become an essential part of our everyday life, allowing us to make and receive payments, shop online, and pay utility bills (telephone, gas, electricity).

Whilst single market legislation has ensured that banks can operate throughout the European Union and offer their services cross-border, this mobility is not mirrored for citizens who are often unable to open an account in another Member State or to easily switch from one bank to another. Furthermore, consumers often pay above the odds for the services they receive from their bank and struggle to have clarity on the various fees charged.

It is in this context that the European Commission published its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account, on 8 May 2013.

• Primary Source

European Commission: Rapid: MEMO/13/413: Proposal for a Directive on Payment Accounts - Frequently Asked Questions http://europa.eu/rapid/press-release_MEMO-13-413_en.htm

EurActiv, 10.05.13: Opening, switching bank account to become easier under new EU rules http://www.euractiv.com/euro-finance/commission-seeks-easer-opening-s-news-519615

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