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Basic bank accounts - The EU Commission consults on a bank duty to ensure access to an account for all.

EU consultation on possible duty to ensure access to basic bank accounts

Comments on the Commission's document due before 17th November. A proposal expected by February 2011. ECRC partners have already contributed to the broad consultation on this issue carried out in 2009, but are once again sollicited to give their views.

The European Commission has issued a Consultation document on its proposals for a basic payment account to be accessible to all EU citizens.

The Commission invites contributions on five issues:

  • Its list of the essential functions for the basic payment account. The Commission suggests that deposits and withdrawals, payments (including bills and taxes) and receiving income or benefits as the characteristics of any EU-wide basic payment account. Access to an overdraft or other credit facilities is not included in the list.
  • The requirement that the accounts be accessible to all EU citizens in any EU country regardless of place of residence or nationality.
  • The proposal that understandable information be available to citizens by payment service providers. There is also a proposal that governments be under an obligation to raise awareness about the availability of the basic payment accounts.
  • The principle proposed that the accounts be provided at a reasonable cost, depending on the specifics of the different banking sectors within the EU.
  • The need for a simple, low-cost out-of-court procedure to deal with any disputes.

The consultation period ends on the 17th November 2010.

The Consultation document is available here.

ID: 46129
Publication date: 15/10/10

Link to EC DG Internal Market consultation webpage

Created: 15/10/10. Last changed: 18/10/10.
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