The Consumer Payment Account Act (VZKG) came into force on 18.09.2016. The VZKG implements the requirements of the EU Directive on consumer payment accounts. In particular, these requirements address the comparability of payment account fees, the change of payment accounts and the access to payment accounts with basic features (basic payment account). The European Banking Authority (EBA) is currently consulting on the EU-wide standardised format for a statement of fees, for the fee information document and for the Union standardised terminology.
The new Consumer Payment Account Act
