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.
There has been a lot of reporting in the Austrian media recently about some ATMs charging for cash withdrawals from Austrian accounts (non-Euro denominated accounts have always been subject to some kind of fees). Fortunately not all ATMs charge – the most widely-spread ones (Bankomat) with their distinctive blue and green logos are not charging for cash withdrawals. In addition there have been cases of ATMs having been rigged to allow “skimming” of card details.