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Bank accounts for all – Sharon Bowles Print E-mail
Tuesday, 15 April 2014

MEPs today gave their seal of approval to one of the most important pieces of consumer legislation to come through this mandate of the European Parliament.

Following today’s vote, which secures the agreement the Parliament’s Economic and Monetary Affairs Committee negotiated with the Council, any citizen of any background legally resident in the European Union now has the right to open a bank account with basic features.
Sharon Bowles MEP, Chair of the European Parliament’s Economic and Monetary Affairs Committee which lead the negotiations on this important consumer file, said:
“This is an extremely important piece of EU legislation for people residing in the EU. Now anyone legally resident in the Union, including those with no fixed address or asylum seekers, has the right to open a basic bank account.
“Another important aspect of the proposal is the focus on transparency and comparability of fees. Banks will be obliged to give consumers a fee information document explaining fees in simple terminology alongside a statement of fees and interest rates. Furthermore, each Member State must ensure that at least one website comparing bank account fees is available for consumers' use. 
“Finally, if desirable, perhaps because another bank offers better terms, consumers can request to switch providers and under this legislation agreed today banks are obliged to provide assistance to the consumer to this end.”

(Source - Sharon Bowles Press Release)


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