From 2020 onwards, payment service providers will have to provide their customers, once a year and free of charge, with a statement of the charges incurred and, where applicable, information on interest rates for services related to a payment account.
Directive 2014/92/EU of 23 July 2014 on the comparability of fees related to payment accounts, the change of payment account and access to a payment account with basic features (called “PAD Directive”) establishes a common European framework to protect consumer rights when accessing and using payment accounts.
This directive came into force on 17 September 2014.
As part of this European harmonisation and in order to improve the transparency and comparability of payment account charges, the European text provides that payment service providers must provide the consumer at least once a year and free of charge with a statement of the charges incurred and invoiced for the services related to the payment account (Article 5 of PAD Directive).
On 28 September 2017, the European Commission adopted, pursuant to this “PAD Directive”, sets of of technical standards that impose, in particular, the following:
- Standardized terminology for services related to a payment account
- Sending a statement of bank charges each year.
This directive was therefore complemented by the publication of two delegated regulations (EU) published on 11 January 2018 in the Official Journal of the EU:
- A Commission Implementing Regulation (EU) 2018/33 laying down technical standards for implementation as regards standardised presentation rules for charges statement and its common symbol (below), in accordance with Directive 2014/92/EU of the European Parliament and the Council.
- A Commission Delegated Regulation (EU) 2018/32 supplementing Directive 2014/92/EU of the European Parliament and of the Council as regards technical regulatory standards for standard terminology adopted at EU level for the most representative services linked to a payment account.
The PAD law mentions in paragraph 2 of Article 29 that ” Member States in which the equivalent of a fee information document at national level (Chatel law in France) already exists may choose to integrate the common format and its common symbol at the latest 18 months after the entry into force of the delegated act (Implementing Regulation (EU) 2018/33)”.
In France since 1 January 2009, banks have been required to send their customers (on paper or in electronic form), during the month of January each year, an annual statement of charges related to the current account management (Article L314-7 of the Monetary and Financial Code).
The European charges statement therefore replaces the old annual charges statement and must be “delivered” to the customer by 31 January 2020 at the latest, and this only for individual customers not acting for professional purposes.
These regulations, which came into force on 31 July 2019, must be implemented on 1 January 2020, and will cover the costs incurred in 2019.