Submit to register and subscribe
(72,60 € / year)
I forgot my password
Next articleVolgend Artikel

 07 nov 2018 07:39 

New EU rules bring more transparency and information on bank fees for consumers

As of tomorrow, banks and financial services providers across the EU will have to better inform their customers about the fees associated with opening and maintaining bank accounts thanks to new EU rules.

aldis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said “Bank accounts are an essential part of everyday life, allowing us to make and receive payments, shop online, and pay our bills. Thanks to the Payment Accounts Directive, consumers have the right since 2016 to open a basic bank account anywhere in the EU, as well as switching to a new provider. With tomorrow's new rules, we will increase transparency of fees for all consumers. This will make it easier to shop around for the best and cheapest offers from banks.” Commissioner Věra Jourová added “Recent figures show that consumer trust in banking services is low due to a lack of transparency. These new rules will make sure that banks' offers are more transparent and clearer on fees. This is good news for consumers: it will not only make it easier for them to get an overview of the fees, but they will also be able to compare different offers”.

The ‘Fee Information Document' (FID) is a standardised document with a short summary presenting the fees related to most common services, such as money transfers, that a  bank will provide  customers with when they open a bank account (see document here). In addition, EU consumers will also be receiving - at least annually and free of charge - a ‘Statement of Fees', an information document following the same standardised format. In this document, banks have to detail all expenses incurred by their customers as well as information regarding the interest rates for services linked to a bank account. The Payment Accounts Directive requires all banks in the EU to present this document as of 31 October 2018, except France and Italy, which already have similar information requirements in place and will implement these changes by the end of July 2019. More information on the new obligations is available on the Access to bank accounts page. The 2018 Consumer Markets Scoreboard, presenting consumer trust in different markets, is also available online.

EU imposes safeguard measures on rice from Cambodia and MyanmarLees meer
FAO Food Price Index (FFPI) nearly unchanged in December 2018 Lees meer
Commissioners Vytenis Andriukaitis and Phil Hogan attending the International Green Week in BerlinLees meer
Gap between milk prices and production costs persists in Germany Lees meer
Gene find unlocks potato coloring Gene find unlocks potato coloring Lees meer
Call for an updated and stronger EU Forest Strategy Lees meer
80,000 tonnes of skimmed milk powder sold in biggest tender Lees meer
Record EU agri-food exports Lees meer
Commission lifts “yellow card” from Thailand for its actions against illegal fishing Lees meer
Bayer expands digital innovation pipeline at The Climate CorporationLees meer
EC intends to impose definitive safeguard measures on imports of certain steel products Lees meer
United States is Europe's main soya beans supplier with imports up by 112% Lees meer
EU Sugar Market Observatory Lees meer