Basic Payment Account

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Definition

A Basic Payment Account is a Payment Account with basic features and functionalities. It allows consumers to carry out certain transactions, such as at least placing funds, withdrawing cash and executing and receiving payment transactions to and from third parties, including the execution of credit transfers ^[1]

References

↑ building on the provisions in Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features

[1] uilding on the provisions in Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features

[1]