Opening/switching bank accounts and information on fees

KEY POINTS

Access to bank accounts

• The law says that consumers legally resident in the European Union (EU) have the right to open a payment account with basic features in any EU Member State. However, a person wishing to open such a bank account should always comply with EU anti-money laundering rules.
• A basic bank account includes various services such as cash withdrawals at a bank counter or cash machines and the execution of payment transactions such as direct debits or credit transfers within the EU.

Clear and comparable bank account fees

The law provides for several tools to make fees clearer for consumers. For instance, it requires that in each Member State there is at least one independent website that compares payment account fees that are charged by different banks.

Bank account switching services

• The rules establish a quick procedure for consumers who want to switch their account from one bank to another in the same Member State. The switch has to be conducted by the recipient bank. The banks bear the costs of any financial loss in the event of errors made in the process.
• When a consumer wants to switch accounts between two Member States, the bank hosting the account which will be closed must assist in the process.