With effect from 1 March 2017, Czech Act No. 284/2009 Coll. on Payment System (the Act) has been amended in accordance with the Directive No. 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (the Directive).
One of the purposes of the Directive is to provide consumers with non-discriminatory access to payment accounts in any EU member state. According to European Commission, there are more than 3 million people in the EU to whom opening of the payment account has been denied. Moreover, more than 20 million people in the EU would be interested in opening the payment account but do not even attempt to do so, since they are afraid it would be connected with high costs.
In this article, I will describe one of the most significant innovations introduced by the amended Act: the payment account with basic futures (the Basic Account). Continue Reading