Brussels,

Access to bank accounts​

Under EU regulations, consumers have the freedom to open and switch bank accounts across the entire European Union.

Access to bank accounts

Bank accounts are vital for daily financial activities, facilitating transactions, online shopping, and bill payments. Although banks can operate across the EU, customers face challenges in opening accounts in different EU countries or switching banks. Moreover, transparency issues and high fees persist in the banking sector.

The Payment Accounts Directive grants individuals in the EU the entitlement to a basic payment account, irrespective of their residency or financial circumstances. Furthermore, this directive enhances the transparency of bank account charges and simplifies the process of changing banks.

The European Commission strives to streamline and clarify the procedure for individuals opening bank accounts.

The Fee Information Document, a concise summary mandated by banks, must be presented to every client before entering into an account agreement, detailing fees associated with common services.

The Statement of Fees, a document banks are required to provide to each client at least once a year and at no cost, comprehensively outlines customer expenses and includes information on interest rates associated with the account.

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For access to the complete legislative acts pertaining to the implementation and delegated acts of the Payment Accounts Directive, please read this ufficial EU document.