Banks and financial services providers across the EU must now better inform their customers about the fees associated with opening and maintaining bank accounts thanks to new EU rules which took effect on 31 October. The new rules mandate provision by banks and financial services providers of a ‘Fee Information Document’ (FID), which is a standardised document with a short summary presenting the fees related to the most common services, such as money transfers, that a bank will provide customers with when they open a bank account. In addition, EU consumers will also receive – at least annually and free of charge – a ‘Statement of Fees', which is an information document that follows the same standardised format. In this document, banks must detail all expenses incurred by their customers as well as information regarding the interest rates for services linked to a bank account. The Payment Accounts Directive requires all banks in the EU to present this document as of 31 October 2018, except for France and Italy, which already have similar information requirements in place and will implement these changes by the end of July 2019.