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BackAccording to recent information, about 58 million consumers in the European Union who are older than 15, do not have their own bank account. This has many disadvantages for those who are affected. Opportunities of getting a job are reduced if a person is not able to provide bank details. The same applies to renting accommodation; bank charges for paying rent or electricity and telephone bills are disproportionately high. According to the Commission, the new Directive proposal shall create the right for all EU consumers to have access to a basis account. This move shall at least enable people to receive their salary or benefits as well as to pay their bills.
The legislative proposal also aims at making the comparison of bank charges easier, which shall improve competition between financial institutes. Consumers wanting to switch their bank for another are often met with a number of obstacles. Based on the new Directive text, the Commission is now intending to make changing accounts to a new provider significantly easier and to remove existing obstacles for consumers.
By introducing the new legislative proposal, the Commission fulfils a request, which consumer organisations and the Chamber of Labour have reiterated for many years. One can now expect massive lobbying by the financial industry against the proposals of EU Commissioners Michael Barnier and Tonio Borg, as in particular the possibility of comparing bank charges easily will not please the banks.
Over the coming weeks, the European Parliament and the Council will start consultations on the new Commission proposal. Longer negotiations are expected. AK EUROPA will regularly report on the state of negotiations.