Summary Proposes access to fee information, facility to switching accounts from one to other banks.
BRUSSELS (AP) - The European Commission is proposing new rules to make it easier for citizens to compare bank fees and switch banks.
The proposals from the executive arm of the 27-country European Union would compel banks to provide consumers with a fee information document, a glossary of terms, and would facilitate the process of switching accounts from one bank to another, two EU commissioners said Wednesday.
Michel Barnier, commissioner for internal markets and services, said, "By making it easier to compare bank fees and change bank accounts, we also hope to see better offers from banks and lower costs."
Consumer Policy Commissioner Tonio Borg said the proposal would increase competition in the banking sector. Proposals also need the agreement of the European Parliament and the 27 member states.
