The Payment Accounts Directive (PAD) was transposed into Irish law on 18 September 2016. It applies to payment accounts opened by consumers.
The PAD is designed to allow consumers to compare fees for payment accounts from different providers, switch payment accounts easily and open basic payment accounts where it might otherwise have been difficult to do so – traditionally, vulnerable 'unbanked' individuals, those with no fixed address and asylum seekers have found it more difficult to access payment accounts with a basic range of services.
It is important to note that while certain provision of the PAD relating to access and account switching are now in force, the obligations to provide certain types of standard documents and to use standard terms will not apply for at least another 12 months.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.