A bank account is a legal right in the European Union following a vote in the EU Parliament, the European Foundation for Financial Inclusion announced in a December 12 press release.
Now, EU residents will have expanded access to basic bank accounts at “little to no cost,” although a regulatory framework for the concept has yet to be developed. EU member states still need to agree on how to implement the recommendations.
If the act is approved, member states will be mandated to promote awareness of basic bank accounts among the underbanked and other vulnerable EU citizens.
To learn more about the EU Parliament vote, read the full press release here.
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