Strasbourg, 15/04/2014 (Agence Europe) - MEPs are convinced of the benefits of every adult in the EU having a basic bank account and, on Tuesday 15 April, they endorsed by 603 votes to 21 and 51 abstentions an agreement on a new EU directive granting the universal right to a basic bank account, comparisons of bank charges and easier bank account transfer processes, even to and from banks in another country.
The proposed new rules were unveiled by the European Commission upon request from the European Parliament, on the grounds that 58 million adults in the European Union do not have a bank account, which means that are in effect excluded from society because they cannot receive a salary or even pay bills.
EP rapporteur Jürgen Klute (GUE/NGL, Germany) commented: “Banks should not be entitled to exclude citizens from society by denying them access to regular payment services”.
Under the new directive, any adult legally resident in the European Union will be able to open a basic bank account, regardless of the individual's situation or place of residence. The only time a basic bank account may be refused is if the individual requesting one has been found guilty of money-laundering or financing terrorism.
The directive also guarantees transparency about bank charges and easy comparability through a standard form providing the information in question. Consumers will be sent a summary of charges each year by their bank and must have access to at least one online table comparing bank charges per member state.
Internal Market Commissioner Michel Barnier said this will make it easier to choose the right bank account and also to change bank accounts. The directive makes it easier to shift accounts and payment details from one bank to another and to close accounts easily and cheaply. The directive also lists who is responsible for each part of the process of closing or transferring basic bank accounts. (MD)