Members of the European Parliament’s committee for economic and monetary affairs on Monday (18 November) backed a proposal that would enshrine the right of every EU citizen to have a basic bank account with a debit card.

The draft directive, which was presented by the European Commission in May, would also introduce greater competition into retail banking markets by requiring banks to be more transparent about their fees and by making it easier for consumers to switch accounts.

The full Parliament is expected to vote in December on whether to open negotiations with member states on the proposal.

“Banks should not be entitled to exclude citizens from society by denying them access to regular payment services,” said Jürgen Klute, a German MEP from the United European Left group who drafted the European Parliament’s stance on the proposal. “In times where banks are forced to look for profit in retail banking, it is also vital to enable consumers to compare fees and switch accounts easily when they find better offers.”

In 2013, almost 60 million EU citizens over the age of 15 did not have a bank account, despite nearly half saying that they want one. Given the prevalence of electronic payment methods, the absence of a bank account can make it impossible to receive a salary, transfer money or make a purchase over the internet.

The degree to which citizens have bank accounts varies between member states. Only 3% of citizens over the age of 15 in the UK do not have a bank account, compared with 29% in Italy and 55% in Romania.

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