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News - 13 May 2013

Bank accounts will be 'open to all' in EU

European residents will have the right to open a basic bank account in any country of the EU and compare the fees charged by providers under new measures set out by The European Commission.

According to the European Commission, around 58 million individuals over the age of 15 do not have a bank account.

Under the new rules, even people who are bankrupt or unemployed would be able to open at least one basic bank account.

Michel Barnier, EU Internal Market Commissioner, commented, 'By making it easier to compare fees and change bank accounts, we also hope to see better offers from banks and lower costs'.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Only France, Belgium and Italy have laws in place that ensure people have access to a basic bank account in line with the proposals. It also plans to set down rules that ensure an account is switched for free within 15 days between providers in the same country. The UK is already going further, with a speedier seven working-day switching plan.”

For those considering setting up a business and want a more personal approach,  contact us at ABDS to offer help and support on a range of issues, including keeping records, VAT registration, National Insurance, starting up a limited company, and PAYE Real Time Information.

ABDS Chartered Certified Accountants of Southampton.

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