The Consumer Protection Service announces the publication of a brochure entitled "Basic Payment Accounts", which provides, inter alia, information on the benefits of a Basic Payment Account, the procedure to follow to open a Basic Payment Account and the beneficiaries of a Basic Payment Account.
According to an announcement by the Service, the form was issued under the Comparability of Fees, Change of Payment Account and Access to Payment Accounts Act, 2017 (Act 64 of 2017).(I)/2017).
The Law, it is stated, "establishes rules on transparency and comparability of fees charged to consumers for their payment accounts, as well as rules regarding switching payment accounts within the Republic and rules to facilitate cross-border opening of payment accounts for consumers."
It adds that it also sets out the framework in which consumers' right to open and use payment accounts with basic features is ensured.
"The information leaflet provides, inter alia, information on the benefits of a payment account with basic features, the procedure to be followed to open that account, the beneficiaries of that account, etc.," the notice concludes.
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