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Austria’s Consumer Payment Accounts Act entered force in Austria on 18 September, bringing with it a number of advantages for consumers. The Act which transposes European Directive 2014/92/EU – known as the Payment Accounts Directive (PAD) into Austrian law means that a Basic Payment Account (known as a Basiskonto or a Jedermann-Konto) is now available, opening Banking in Austria and the rest of the EU up to the socially and financially more vulnerable.The new act allows the homeless, asylum seekers and other traditionally marginalised groups to have access to Basic Payment Account. Charges are capped on the Basic Payment Account, with the most vulnerable having charges capped at EUR 40 per year. Such accounts allow basic payment services (cash deposits and withdrawals, direct debits), while an account comparison website has also been set up by the AK to help consumers (available in German at: https://www.bankenrechner.at/)
In addition, the Austrian Financial Market Authority has also provided a helpful FAQ in English about the new Basic Payment Account.
Vienna Expats site users can also ask questions on our Money and Finances Forum.