EP draft report on access to basic bank accounts strengthens provisions for vulnerable consumers

Today the Parliament’s Committee on Economic and Monetary Affairs considers the draft report submitted by the rapporteur Jürgen Klute on the proposal for a directive on access to basic bank accounts.

At first look, the Secretariat welcomes the rapporteur’s draft report, as it strengthens provisions that should ensure access to basic bank accounts to vulnerable consumers.

For instance, the draft report specifies that:

  • “criteria such as the consumer’s level of income, employment, credit history, level of indebtedness or expected turnover shall not be taken into account for the opening of a payment account with basic features” (amendment 85 to article 15)
  • “a mechanism is in place to enable consumers with no fixed address to meet the requirements of Chapter II of Directive 2005/60”; “a mechanism is in place to ensure that unbanked, vulnerable consumers as well as mobile consumers are informed about the availability of payment accounts with basic features” (am. 86 to article 15)
  • An obligation for payment service providers to inform the consumer of the refusal, in writing and free of charge, by expliciting the reason for such rejection, and to inform about available alternative dispute resolution mechanisms (am. 89 to art. 15)
  • “member states shall ensure that the payment account with basic features is always the payment account with the lowest fee for the provision of the minimum package of payment services…” (am. 94 to art. 94)
  • “member states shall ensure that the public is made aware about availability of payment accounts with basic features… Member states shall ensure that communication measures are sufficient and well-targeted, addressing the particular needs and concerns of unbanked, vulnerable and mobile consumers” (am. 100 to art. 19).

Social Platform will send proposals for amendments to the text of the proposal for a directive and the EP draft report.