European Union | The current bank accounts will be a right

Having a bank account is necessary or not? It is certainly difficult to do without it and it is for this reason that the European Union is thinking about creating a framework in which to have a bank account would be considered a real right.

Bank of Cyprus

Bank of Cyprus

I can already guess that many of you will think Europe of bankers. I would say it’s wise to wait before judging. The impression as far as can be understood from advances published by the German newspaper Süddeutsche Zeitung is to consider the possession of this product as a social right. In short, we would like to give an account to the thirty million people in the EU who do not have one. To do so now there is talk of greater protection, warranties, and more. If they determine that for certain segments of the population the current account does not have to cost anything it would be much better.

Cyprus ATM

Cyprus ATM

According to the EU this would also increase internal growth and European integration. Without a current account it becomes difficult to have an internet connection, travel or work abroad. The idea beyond the protection is to simplify the bank handling and reducing the costs associated with the account as well as increasing competition through an easy migration from one bank to another. We shall see.

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