EC is proposing new rules to make it easier for consumers to switch bank accounts
The European Commission is proposing new rules to make it easier for consumers to switch bank accounts.
Under the proposals, banks will be expected to put in place procedures to handle the transfer of accounts within a fifteen-day timeframe and inform utility suppliers of the change.
Banks must also provide a full list of fees charged for individual accounts and each member state will be obliged to establish at least one independent comparison website, collecting information on bank charges.
Around 58 million consumers over the age of 15 in the European Union do not have a payment account.