Payment service providers will be required to ensure transparency of fees charged and to offer basic payment accounts to all consumers
These and other requirements are planned to be enshrined in the draft law on the comparability of fees for payment accounts, changing payment accounts, and access to payment accounts with basic services, which was considered yesterday at a meeting of state secretaries. The bill aims to strengthen the protection of consumers of financial services and promote financial inclusion, ensure the transparency and comparability of payment account fees, and guarantee access to accounts with basic services and the possibility of changing payment service providers (PSPs). In particular, the bill stipulates that consumers should have access to clear, accurate, and comparable information about payment service providers in order to compare available offers from different providers, enabling them to make informed decisions when choosing a payment account that meets their needs. A list of the most representative services related to payment accounts that are subject to fees (10-20 typical services) will be approved, and consumers will be provided with a document containing information on fees, tariffs, and charges for all services on the list before concluding a contract. Payment service providers will be required to provide an annual report on fees paid and interest accrued free of charge. At the same time, a free website will be created to compare the fees charged by different payment service providers so that consumers can identify the most advantageous offers. Consumers will also have the option of switching accounts within the same payment service provider or between different payment service providers. The bill specifies the obligations of the receiving payment service provider and stipulates transparency of fees associated with changing accounts. Payment service providers will be liable for any financial damage caused to consumers. Another provision of the bill concerns the guarantee of the right of all consumers, including vulnerable categories, to access a payment account with basic services. Access to such accounts will be provided free of charge or for a reasonable fee, and they should cover only basic transactions (receipt of income or social benefits, payment of bills and taxes, purchase of goods and services). The procedure for opening a basic account should not be more complicated than for a regular account, and the decision to open/refuse an account should be made within 10 business days of receiving a complete application. A basic account will cover transactions for opening/maintaining/closing; depositing funds; cash withdrawals and payments in Moldova and EU countries, it must be in the national currency, and the payment service provider must guarantee an unlimited number of transactions and the possibility of managing the account at a branch and/or online. The draft law proposes to define a set of services for a basic account and to establish a level of fees for different categories of consumers (vulnerable and non-vulnerable). For financially vulnerable consumers, fees for opening, maintaining, closing, depositing funds, withdrawing cash within the bank's own network, and card transactions will be free of charge, while for others, “reasonable” fees should be set. Banks will establish transparent procedures for assessing vulnerability and the level of reasonable fees. The National Financial Market Commission will be responsible for implementing the law. The bill is proposed to come into force 12 months after publication in Monitorul Oficial (the Official Journal of Moldova), with the exception of the payment account change service, which is scheduled to come into force 24 months after publication. Along with the entry into force of the law, the Code of Offenses will introduce fines for violating the legislation on the comparability of fees for payment accounts, changing payment accounts, and access to payment accounts with basic services, ranging from 90 to 120 conventional units for officials and from 100 to 500 currency units for legal entities. The bill must be approved by the government and parliament. // 30.09.2025 — InfoMarket
