What EU Payment Accounts Directive 2014/92/EU (PAD) - Basic Bank Account Right & Fee Transparency requires
Directive 2014/92/EU (PAD) guarantees EU residents the right to open a basic payment account at a credit institution regardless of nationality, residence status, or financial situation. It mandates an 18-business-day switching service between payment accounts within the same Member State, requires standardised fee terminology (list of most representative services, Fee Information Document, Statement of Fees), and prohibits discrimination on grounds of nationality or place of residence. The EBA maintains a standardised list of terms across the EU.
Pillar: Banking & Global Finance · Authority: European Banking Authority; national competent authorities; European Commission · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014L0092
SHA-256 integrity: 8311f400d0b0e63c7e6b90eb389b34c446674b8d1bf3951d8eef5c5c64420efa
Primary Citations — 5 traced to source
- Art 4-5 (FID and SoF standardised fee documents), Art 7 (comparison websites), Art 10-12 (switching - 18 business days), Art 16 (basic payment account right, non-discrimination) — Directive 2014/92/EU - Payment Accounts Directive (PAD)
- Standardised EU terminology list; national representative services lists; plain language requirements for FID and SoF — EBA Guidelines on Fee Terminology for Payment Accounts (EBA/GL/2015/01)
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