EU Parliament Passes Right-To-Bank Draft Law

Law360, New York (December 13, 2013, 5:25 PM EST) -- The European Parliament on Thursday approved draft legislation that would require banks to give a basic checking account to anyone who legally resides in a member state and wants one.

The so-called “basic payment accounts” would enable customers to deposit and withdraw cash and execute payment transactions within the European Union, but would not include any overdraft facilities. All payment service providers would have to offer these accounts as part of their regular business, and charge lower fees for them than for any other services they...
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