Bank accounts are an essential part of everyday life, allowing us to make and receive payments, shop online, and pay utility bills.

While banks can operate throughout the EU and offer their services across borders, their customers do not have the same flexibility. People often still find it difficult to open an account in another EU country or to change banks. In addition, bank fees are sometimes high and not particularly transparent.

Directive on payment accounts

The  directive on payment accounts  gives people in the EU the right to a basic payment account regardless of a person's place of residence or financial situation. The directive also improves the transparency of bank account fees and makes it easier to switch banks.

The European Commission makes the process of opening bank accounts easier and clearer for consumers.

The Fee information document is a short summary that banks must present to every client before signing a contract to open an account, showing the fees related to most common services.

The Statement of fees is a document that banks must present to every client, at least annually and for free, displaying all expenses incurred by customers as well as the information regarding the interest rates linked to an opened account.

You will find the full legislative acts on the implementing and delegated acts for the payment accounts directive's page.

Studies

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Documents

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