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

The European Commission on the 23 July 2014 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 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 improve the transparency of bank account fees and make it easier to switch a bank account from one bank to another.

• Primary Source

ESO: Background information: Bank accounts: Commission acts to make bank accounts cheaper, more transparent and accessible to all http://www.europeansources.info/record/press-release-bank-accounts-commission-acts-to-make-bank-accounts-cheaper-more-transparent-and-accessible-to-all/

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