Joint press conference by Michel Barnier and Tonio Borg on a directive focusing on the transparency and comparability of bank account fees, bank account switching and access to a basic bank account
On 8 May 2013, Michel Barnier, Member of the EC in charge of Internal Market and Services, Tonio Brog, Member of the EC in charge of Health and Consumer Policy, gave a press conference in Brussels. On this occasion, they presented a proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.
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. The Commission proposals tackle three areas: Comparability of payment account fees: by making it easier for consumers to compare the fees charged for payment accounts by banks and other payment service providers in the EU; Payment account switching: by establishing a simple and quick procedure for consumers who wish to change from their payment account to one with another bank or payment service provider; Access to payment accounts: by allowing EU consumers who want to open a payment account, without being residents of the country where the payment service provider is located, to do so. Moreover, these provisions will allow all EU consumers, irrespective of their financial situation, to open a payment account that allows them to perform essential operations. LINKLINK