Consumers can now open a basic bank account thanks to the EU’s Payment Accounts Directive.

Why it's important

Millions of consumers did not have access to a bank account. In many EU countries, there was no legal right to have a bank account; even in countries where there was that right, many people still remained without one. This is key to perform key tasks in society, such as being able to receive a salary, make payments (e.g. rent) or to improve security (i.e. not having to store cash at home).  

For consumers, that means:

• Access to a basic bank account in the EU
• Easier banking services comparison
• Easier switching between banks 

What BEUC did

For many years, BEUC pushed for legislation to ensure every EU citizen could get a basic bank account.

BEUC and its members supported the European Commission and Parliament with evidence to come to this successful conclusion, despite being faced with heavy opposition from a number of Member States and the banking sector.