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Now that electronic payments are increasingly replacing cash, everyone needs a bank account. Yet, around 25 million Europeans who would like to have an account currently do not have one. Some 2.5 million who applied for one have been rejected for various reasons – which include being considered too poor. Those without an account find it difficult or impossible to receive a wage or social support payments, transfer money or make purchases requiring a debit or credit card.
The Commission has tried to help, for example by encouraging banks to voluntarily ease requirements. However, not much has changed in the 2 years since. Binding measures are now needed to ensure everyone who wants an account can have one. The Commission’s proposals would:
The measures would help people choose the bank account most suited to their needs in any EU country. They would also benefit from a more competitive market, possibly lowering fees.
Banks would also benefit from less red tape and more consistent rules across the EU, helping them to expand operations.
EU countries would be able to set national rules, such as whether payment accounts with basic features should be offered to consumers for free or for a reasonable fee. Not all banks would have to provide basic payment accounts to everyone – governments may ask just one bank to offer such accounts.