Everyone is to be given access to a payment account with basic features

Published: 3 May 2017 at 16.50

All consumers who are legally residing within the European Economic Area (EEA) are to receive a bank account with basic features. Basic features means that consumers should be able to pay money into the account, withdraw cash and transfer money.

Consumers will also be provided with a better insight into and be able to compare the charges connected with their payment accounts. In addition, it will be easier to change payment accounts between different banks or other payment service providers.

The Riksdag voted in favour of the Government's proposal. The amendments mean that the Swedish legislation will be adapted to binding EU rules.