EU to Propose Law on Comparison of Bank Account Fees

The European Commission said it will next month propose a law to make it easier for consumers to compare fees charged for bank accounts by lenders and other payment service providers in the European Union.

The draft law will also seek to simplify the process for switching accounts as well as ensuring all EU consumers have access to a payment account “which allows them to perform essential operations,” the commission said in a statement on its website.

To contact the reporter on this story: Peter Chapman in Brussels at pchapman10@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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