EU gives everyone the right to bank accounts

The EU has passed a directive which will give all people living in Europe access to a bank account and allow consumers to more transparently compare bank fees.

The Payment Account Directive is, according to the EU, aimed at guaranteeing access to basic payment services and improving information on fees related to payment accounts.

It said it had found many European consumers faced difficulties in opening a payment account due to their lack of a permanent address in the member state where the services provider was located. More than 58m EU citizens, out of 507m, do not have a bank account.