Headline: Free Basics Accounts for Pensions and Salaries: New Law Aims to Promote Accessibility
Article:
The Ministry of Finance has proposed amendments to the Payment Services and Payment Systems Act, introducing regulations for free basic payment accounts. These changes, if approved, will significantly impact consumers, especially those receiving state benefits and salaries.
Key Proposals:
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Zero-Fee Maintenance: Free basic payment accounts will not incur monthly fees when used for core operations like receiving salaries, pensions, social assistance, scholarships, and interest from these sources.
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Free Transactions: Account holders can make up to three free credit transfers per month, including through the bank’s online systems, and withdraw cash up to three times a month from the bank’s ATMs or POS terminals without incurring fees.
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Account Verification: Users must inform their banks if the incoming funds are from pensions, salaries, or assistance. Banks can refuse to open such accounts if the user already has more than one non-basic account.
- Euro Transition: The reforms also prepare payment services and systems for Bulgaria’s eventual adoption of the euro, including adapting national laws and phasing out the local RINGS system.
Impact on Consumers and Industry:
These changes aim to make essential financial services more accessible to consumers, particularly vulnerable groups. Meanwhile, the banking sector will need to adapt to the new requirements and increased competition, potentially leading to more innovative and customer-centric products.
Source: Netinfo.bg
Read more about the impact on free accounts for pensions and salaries
