Publication of the Payments Accounts Directive

Publication of the Payments Accounts Directive

The Payments Accounts Directive has been published in the Official Journal of the European Union on August 28th 2014 (no. 2014/92/EU).

The Directive introduces measures that banks and other institutions will need to comply with on fee transparency and, notably, providing standard form information to customers so they can compare accounts. It also contains rules concerning, the switching of payment accounts within a Member State, facilitation of cross-border account opening for consumers, and right for consumers to open and use payment accounts with basic features in the Union.

By September 2016, Member States must adopt and publish the laws and provisions necessary to comply with the Directive.