Payment Accounts: basic current account for all EU citizens

The European Parliament and the Council today reached agreement on the EU Directive on Payment Accounts (PAD). The EPP Group endorses this new Directive: "We have reached a fair balance between the interests of consumers and the banking industry. All European citizens will have access to a current account. It will not be free of charge, however. Despite prior opposition in Council, consumers will be able to change their bank account provider across borders", said Werner Langen MEP who is in charge of the Payment Accounts Directive for the EPP Group.

Under the new EU standards, fees and rules for all payment accounts should be transparent and comparable and it should be easy to switch to another payment account that offers better terms. Banks will have to provide assistance to the consumer, including providing a list of standing orders, transferring any positive balance remaining on the account to the new account and closing the account. To take effect, the new rules must be approved by Parliament during the April II plenary session and endorsed by the Member States.