Brussels, 04/07/2012 (Agence Europe) - The European Parliament has asked the European Commisson to provide it with draft legislation by the end of the year on a basic bank account for any consumer registered in the EU. Endorsing a draft report on Wednesday 4 July by Jürgen Klute (GUE/NGL, Germany), it urged the Commission to submit in September a detailed evaluation of the situation in the various member states, stating whether draft legislation would be appropriate.
EU Internal Market Commissioner Michel Barnier is very impatient with the banking industry, which, in his view, is dragging its feet in this matter. The European Commission's recommendation about basic bank accounts, unveiled exactly a year ago, had not had the desired effect (see EUROPE 10421). Thirty million inhabitants of Europe did not have a bank account in 2011, some six to seven million of them because banks refused to give them one.
MEPs say the Commission should base its work on the recommendations annexed to the Klute Report, like removing the minimum income rule for basic bank accounts, along with deciding whether to grant a basic bank account in line with an applicant's job, credit record or the purchase of financial services like insurance contracts. The report says it would be possible to reject a request for a basic bank account for somebody found guilty of money-laundering and/or the financing of terrorism. Basic bank accounts should be free or subject to reasonable charges and bank charges must be transparent and be capped annually. The EP says the holder of a basic bank account must be able to carry out the full range of basic transactions, like receiving pay, paying bills or taxes and buying goods and services both in person and remotely. Small overdrafts should be allowed. Member states must encourage banks to help their vulnerable clients to take a responsible attitude and help them budget. (MB/transl.fl)