The Payment Accounts Directive (PAD) is intended to enhance transparency and comparability for consumers in respect of payment accounts. The PAD makes it easier for consumers to compare fees charged by banks and other service providers across the EU, facilitates consumer switching of payment accounts and entitles all EU consumers to open a payment account that enables them to perform essential functions such as receiving their salary and paying bills. This Practice Note provides a background to, and gives an overview of, the provisions of the PAD and the technical standards and guidelines made under it.
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