Access to bank accounts

What the EU is doing and why

Bank accounts are an essential part of everyday life, allowing us to make and receive payments, shop online, and pay bills.

While banks can operate throughout the EU and offer their services across borders, their customers do not necessarily have the same flexibility. People often still find it difficult to open an account in another EU country or to change banks. In addition, bank fees are sometimes high and not sufficiently transparent.

Making banking easier

The European Commission is working to make the process of opening bank accounts easier and clearer for consumers.

The Payment Accounts Directive (PAD) gives people in the EU the right to a basic payment account regardless of their place of residence or financial situation. The Directive also improves the transparency of bank account fees and makes it easier to switch banks.

The fee information document lists the fees for the most commonly used services. Banks have to give this document to all client before they sign a contract to open an account.

The statement of fees is a document listing all expenses incurred by customers, as well as information regarding interest rates linked to the use of the payment account. Banks must provide all clients with this document, at least once a year and free of charge.

You can find the full legislative acts on the implementing and delegated acts under the Payment Accounts Directive's page.

And you can find here the list of the national authorities responsible for ensuring compliance with the Payment Accounts Directive.

Relevant legislation