Anyone legally residing in the EU would have the right to open a basic payment account, and no-one could be denied this right on grounds of nationality or place of residence, under a new law passed by Parliament on Tuesday. This law should also ensure that fees and rules for all payment accounts are transparent and comparable and make it easy to switch to another payment account that offers better terms.

“This directive is all about empowering users of common standard payment services. Guaranteeing access to basic accounts to all consumers, including to migrants and mobile citizens, will stimulate economic modernization, facilitate free movement and help the most disadvantaged in our societies”, said lead MEP Jürgen Klute (GUE/NGL, DE).

The text was approved by 603 votes to 21, with 51 abstentions.

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