Towards a new regulation of payment accounts in an economic crisis context: more transparence and accessibility in the European Union

Abstract

This article discusses the critical analysis of an European proposal about basic banking accounts access. In an economic and financial crisis context, the European Commission has established a new legal framework that facilitates access to a bank account for any resident (non-citizen) and also allows in a simple, quick and free way the exchange of accounts (switching) between providers, even in a cross-border mode. In addition, it imposes the duty of transparence in consumer information so they can know the rules of the contract, both pre-contractual as well as during the execution of the contract.