Ireland:
Payment Accounts: Fees, Access And Account Switching – New Rules Become Law In Ireland
14 October 2016
Arthur Cox
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The Payment Accounts Directive (PAD) was transposed into Irish law on 18 September 2016.
It applies to payment accounts opened by consumers.
The PAD is designed to allow consumers to compare fees for
payment accounts from different providers, switch payment accounts
easily and open basic payment accounts where it might otherwise
have been difficult to do so – traditionally, vulnerable
'unbanked' individuals, those with no fixed address and
asylum seekers have found it more difficult to access payment
accounts with a basic range of services.
It is important to note that while certain provision of
the PAD relating to access and account switching are now in force,
the obligations to provide certain types of standard documents and
to use standard terms will not apply for at least another 12
months.
Read the full briefing here.
This article contains a general summary of developments and
is not a complete or definitive statement of the law. Specific
legal advice should be obtained where appropriate.
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