This Commission proposal aims to remedy the difficulties many consumers have in accessing a payment account, the lack of transparency on fees on such accounts and the obstacles to switching from one payment service provider to another.

The S&D Group has strongly supported the Commission's proposal from the outset and has pressed for a serious outcome. Everyone should have access to the standard transactions essential to everyday life, regardless of factors such as their financial situation, employment status, credit history or place of residence in the European Union. Therefore, our Group has supported the inclusion of all service providers and all consumers in the legislative proposal, and included a large number of services in the basic banking account without any limitation on the number of transactions allowed – with as low a price as possible – if a free approach is not adopted by member states.

Past sessions