New EU proposal to improve clarity and access to bank accounts

Suzie Neuwirth

THE EUROPEAN Commission has today proposed a new directive which would make bank accounts cheaper, more transparent and more accessible.

The proposal would mean that EU citizens would have more clarity on fees charged and could switch between banks more easily. The directive also outlines changes so that people can easily open a bank account in another member state.

“Today’s proposal will finally give all European citizens access to a basic bank account and enable them to participate fully in the society they live in and take advantage of the benefits of the Single Market,” said Commissioner for Internal Market and Services Michel Barnier.

“By making it easier to compare fees and change bank accounts, we also hope to see better offers from banks and lower costs. The proposal will also benefit the financial services industry by providing additional incentives to offer products cross-border and enter new markets.”