Important news coming for the most disadvantaged citizens who may be entitled to a "basic" current account which will make it possible to carry out the simplest banking operations by paying a "reasonable" fee or even at no cost.
The Council of Ministers on Friday 10 March definitively approved the decree on information transparency and on the characteristics of payment accounts" which transposes Directive 2014/92/EU on the "comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features"
The text approved by the Government guarantees consumers maximum information transparency, allowing access under certain conditions to simplified procedures for account transfers which can be opened by all European citizens without discrimination based on nationality or place of residence.
Banks, basic account: how does it work?
On the basis of the provisions, banks, but also the post office and other payment institutions will be obliged to make a basic account available to consumers which will allow them to carry out the simplest operations without having to incur excessively high charges, provided that they fall within the within certain income brackets.
As stated in the press release issued following the CDM: "The provision incorporates what has already been established by the Agreement between the Ministry of the Economy and Finance, the Bank of Italy and the main associations representing payment service providers (banks, post offices and payment institutions); in continuity with this Convention and in implementation of the European directive.
The basic account is a tool through which customers can perform simple operations such as, for example, receiving a bank transfer or making payments. Among the compulsory services offered by banks is the issuing of debit cards, i.e. ATMs. However, the account cannot be used for more complicated operations, such as those relating to "asset management".
The account must allow holders to carry out a predefined number of annual transactions and must provide for an all-inclusive fee, the amount of which, based on what is written in the press release, must be "reasonable" and will be entirely free (without even paying stamp duties) for socially disadvantaged groups of consumers.
Banks, basic account: who can get it
Access is open to all citizens legally residing in the EU who will be able to access a payment account with basic features, without discrimination based on nationality or place of residence.
As previously mentioned, the basic account is intended for the most disadvantaged groups, it will be a decree from the Ministry of the Economy, having consulted the Bank of Italy, to identify the audience of beneficiaries. However, it should be emphasized that a conviction has already been signed on the matter with Abi, Poste and Bankitalia which provides for the exemption for those with an Isee under 8 thousand euros and for pensioners under 18 thousand.
Banks, basic account: obligation of transparency
Banks, post offices and payment institutions will also be obliged to provide consumers with the "Information document on expenses" and the "Summary of expenses" (containing periodic communications). The new documents do not replace but add to the information requirements already established for payment services, such as the account statement. Obligations are introduced for payment service providers aimed at promoting consumer mobility. "In particular - continues the note -, it is envisaged the possibility of obtaining the transfer of one or more "recurring" payment services (e.g. standing orders for bank transfers, direct debits) and any positive balance to a new account within a total term of 12 working days. Furthermore, in implementation of the directive, comparison websites are envisaged in which all payment service providers are obliged to participate".
