Implementation of the Payment Accounts Directive (PAD)

Abstract

After the transposition of the Payment Accounts Directive a right of access to a bank account with basic features has been implemented in all Member States. As the Member States had different options when transposing the directive the situation differs both regarding which credit institutions are obliged to open an account and what fee the credit institution may charge for the service. This article argues that the options most used by Member States lead to a “race to the bottom” regarding fees and conditions and let the practical effectiveness of the right of access seem questionable.

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Notes

  1. 1.

    Directive 2014/92/EU of the European Parliament and the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features [2014] OJ L 257/214.

  2. 2.

    Recital 3 to the PAD.

  3. 3.

    See Zentraler Kreditausschuss [7]; on the legal discussion see Reifner [5]; Bachmann [1]; Koch [4].

  4. 4.

    Recital 3 to the PAD.

  5. 5.

    Art. 19 para. 5 Payment Accounts Regulations (PAR) 2015 UK.

  6. 6.

    § 31 para. 1 Zahlungskontengesetz (ZKG).

  7. 7.

    § 23 para. 1, para. 4 Verbraucherzahlungskontogesetz (VZKG).

  8. 8.

    Art. 3 Real Decreto-ley 19/2017.

  9. 9.

    Art. 15 para. 1 in connection with Art. 2 para. 1 European Union (Payment Accounts) Regulations 2016 (EUPAR), S.I. No. 482 of 2016.

  10. 10.

    Art. 4:71f Wet op het financieel toezicht.

  11. 11.

    Art. VII.57. § 2 Code de droit économique.

  12. 12.

    Art. 126-vicies bis para. 1 Decreto legislativo 1 settembre 1993, n. 385.

  13. 13.

    Stiftung Warentest [6] (see also below 5).

  14. 14.

    Art. L312-1 para. 3 Code monétaire et financier.

  15. 15.

    Art. 22 para. 1 in connection with Art. 21 para. 1 PAR 2015 UK.

  16. 16.

    Art. 21 Loi du 13 juin 2017.

  17. 17.

    Art. 18 para. 1, 2 Credit Institutions and Financial Institutions (Payment Accounts) Regulations, S.L. 371.18.

  18. 18.

    Art. 20 para. 1 PAR 2015 UK.

  19. 19.

    Art. 18 para. 1 EUPAR 2016.

  20. 20.

    Art. 23 para. 1 lit. b PAR 2015 UK.

  21. 21.

    Art. 18 EUPAR 2016.

  22. 22.

    § 41 para. 2 phrase 1 in connection with § 38 Zahlungskontengesetz (ZKG).

  23. 23.

    Art. 4:71f no. 6 Wet op het financieel toezicht.

  24. 24.

    Chapitre 8 Art. VII.57. § 4 Code de droit économique.

  25. 25.

    Art. 28 Loi du 13 juin 2017 relative aux comptes de paiement et portant.

  26. 26.

    Art. 30 Credit Institutions and Financial Institutions (Payment Accounts) Regulations, S.L. 371.18.

  27. 27.

    Art. 18 para. 1 PAR 2016.

  28. 28.

    See § 49 Zahlungskontengesetz (ZKG).

  29. 29.

    OLG Frankfurt am Main, case no. 19 U 104/18, ZIP 2019, 560.

  30. 30.

    See Bülow [2].

  31. 31.

    Art. 26 para. 1 Verbraucherzahlungskontogesetz (VZKG).

  32. 32.

    Art. L312-1-3 in connection with Art. R312-4-3 para. IV Code monétaire et financier.

  33. 33.

    Art. 9 Real Decreto-ley 19/2017.

  34. 34.

    Art. 128-vicies para. 2 Decreto legislative 1 settembre 1993, n. 385.

  35. 35.

    Bundesanstalt für Finanzdienstleistungsaufsicht [3].

  36. 36.

    Stiftung Warentest [6].

References

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Correspondence to Prof Dr Jochen Hoffmann.

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Hoffmann, J. Implementation of the Payment Accounts Directive (PAD). ERA Forum 20, 237–248 (2019). https://doi.org/10.1007/s12027-019-00566-w

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Keywords

  • Payment Accounts Directive
  • Right of access to bank accounts, reasonable fee