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Bank claim: EU to open bank accounts to all

Consumers across the European Union (EU) may be able to open a basic bank account in any member state in the future.

This is if new proposals from the European Commission are put into law, which aims to help customers open or switch bank accounts and compare deals.

At least one bank in every member state will have to have basic accounts available for anyone in the EU to set up.

Banks will also have to clearly define the terms of their accounts in a standardised fashion so that customers can easily compare what they are being offered.

Currently, 58 million people over the age of 15 across the EU do not have a current account.

What’s more, the Commission found that many consumers are unaware of how much they get charged in bank fees.

This is another case of EU member states trying to improve the financial sector for consumers.

In the UK, the government is trying to improve deals for customers by increasing competition between banks.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801582462-ADNFCR

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