{"id":17755,"date":"2022-09-17T19:57:29","date_gmt":"2022-09-17T19:57:29","guid":{"rendered":"http:\/\/legalblog.ie\/?p=17755"},"modified":"2022-09-25T14:00:31","modified_gmt":"2022-09-25T14:00:31","slug":"accounts-3","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/accounts-3\/","title":{"rendered":"Bank Accounts [EU]"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/accounts-3\/#Openingswitching_bank_accounts_and_information_on_fees\" title=\"Opening\/switching bank accounts and information on fees\">Opening\/switching bank accounts and information on fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/accounts-3\/#Access_to_bank_accounts\" title=\"Access to bank accounts\">Access to bank accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/accounts-3\/#Clear_and_comparable_bank_account_fees\" title=\"Clear and comparable bank account fees\">Clear and comparable bank account fees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/accounts-3\/#Bank_account_switching_services\" title=\"Bank account switching services\">Bank account switching services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/accounts-3\/#_Application_Background\" title=\"\u00a0Application &amp; Background\">\u00a0Application &amp; Background<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Openingswitching_bank_accounts_and_information_on_fees\"><\/span>Opening\/switching bank accounts and information on fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Directive 2014\/92\/EU \u2014 comparable and transparent fees and rules for all payment accounts and payment account switching<\/p>\n<p>It aims to tackle 3 main issues:<\/p>\n<p>access to basic payment accounts*,<br \/>\ntransparency and comparability of payment account fees, and<br \/>\nbank account switching.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Access_to_bank_accounts\"><\/span>Access to bank accounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The law says that anyone residing legally in the European Union has the right to open a payment account with basic features in any EU country. However, a person wishing to open such a bank account should always comply with EU anti-money laundering rules.<br \/>\nA basic bank account includes various services such as cash withdrawals at a bank counter or cash machines and the execution of payment transactions such as direct debits or credit transfers within the EU.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Clear_and_comparable_bank_account_fees\"><\/span>Clear and comparable bank account fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The law provides for several tools to make fees clearer for consumers. For instance, it requires that in each EU country there is at least one independent website that compares payment account fees that are charged by different banks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bank_account_switching_services\"><\/span>Bank account switching services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The rules establish a quick procedure for consumers who want to switch their account from one bank to another in the same EU country. The switch has to be conducted by the recipient bank. The banks bear the costs of any financial loss in the event of errors made in the process.<br \/>\nWhen a consumer wants to switch accounts between two EU countries, the bank hosting the account which will be closed must assist in the process.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Application_Background\"><\/span>\u00a0Application &amp; Background<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It has applied since 17 September 2014. EU countries had to incorporate it into national law by 18 September 2016.<\/p>\n<p>BACKGROUND<\/p>\n<p>Not all EU citizens have easy access to a bank account, even though this is essential in modern life. This EU law improves the situation by giving them the right to open a basic payment account anywhere in the EU, and improves the transparency of bank account fees as well as the process of switching accounts.<br \/>\nFor more information, see:<br \/>\nBank accounts (European Commission).<br \/>\nKEY TERMS<\/p>\n<p>Basic payment account:<br \/>\nunder this directive, it includes the following:<\/p>\n<p>services enabling all operations required for opening, operating and closing a payment account;<br \/>\nservices enabling funds to be placed on a payment (current) account;<br \/>\nservices enabling withdrawals (within the EU) at a bank counter or cash machine;<br \/>\nexecution of various payment transactions within the EU, such as direct debits and credit transfers, as well as payments with a payment card.<br \/>\nMAIN DOCUMENT<\/p>\n<p>Directive 2014\/92\/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (OJ L 257, 28.8.2014, pp. 214\u2013246)<\/p>\n<p>last update 20.10.2017<\/p>\n<p>Top<br \/>\nAbout Site map Help Links Legal notice Newsletter Contact<br \/>\nOther sites managed by the Publications Office<br \/>\nEU Publications<br \/>\nEU Open Data Portal<br \/>\nTed<br \/>\nWhoiswho<br \/>\nCORDIS<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-17755\" data-postid=\"17755\" class=\"themify_builder_content themify_builder_content-17755 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Opening\/switching bank accounts and information on fees Directive 2014\/92\/EU \u2014 comparable and transparent fees and rules for all payment accounts and payment account switching It aims to tackle 3 main issues: access to basic payment accounts*, transparency and comparability of payment account fees, and bank account switching. Access to bank accounts The law says that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[43,128],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17755"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=17755"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17755\/revisions"}],"predecessor-version":[{"id":18369,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17755\/revisions\/18369"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=17755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=17755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=17755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}