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The Payment Accounts Directive (Directive 2014/92/EU) (PAD) is intended to enhance transparency and comparability for consumers in respect of payment accounts. In particular, the PAD:

1. •

   makes it easier for consumers to compare fees charged by banks and other service providers across the EU

2. •

   facilitates consumer switching of payment accounts, and

3. •

   entitles all EU consumers to open a payment account that enables them to perform essential functions such as receiving their salary and paying bills

The PAD has its origins in the European Commission's consultation on retail bank accounts, opened in March 2012, which assessed the need for action in the areas of transparency and comparability of fees, account switching and access to basic payment accounts. This followed a retail banking sector inquiry in 2007 which had identified these factors as obstacles to consumer choice and mobility. Member States' subsequent attempts to tackle the problems at a national level had led to a lack of uniformity across the