Statement: The right to a basic bank account for all European citizens: Commission welcomes European Parliament adoption

On 15 April 2014, the European Parliament adopted in plenary session the Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.

The Directive is a major step towards a real single market for retail financial services bringing numerous benefits to EU citizens. By providing for a right to a basic payment account irrespective of a citizen's place of residence or financial situation, the obstacles faced by many in accessing basic banking services across borders are removed. The Directive also substantially improves the transparency of bank account fees and makes it easier to switch a bank account from one bank to another.

European Commission: RAPID: MEMO/14/300: Directive on Payment Accounts - Frequently Asked Questions http://europa.eu/rapid/press-release_MEMO-14-300_en.pdf

ESO: Background information: Council confirms agreement with EP on payment accounts http://www.europeansources.info/record/press-release-council-confirms-agreement-with-ep-on-payment-accounts/

European Parliament: Press Release, 15.04.14: Basic bank accounts for all http://www.europarl.europa.eu/news/en/news-room/content/20140411IPR43466/

EurActiv, 16.04.14: Parliament approves basic bank accounts for all http://www.euractiv.com/sections/euro-finance/parliament-approves-basic-bank-accounts-all-301594

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