Slovak government seeks obligatory basic service package from all banks

Commercial banks in Slovakia are likely to be obliged to offer a so-called basic banking product in the near future, which will be the same in all banks. At its January 13 session, the cabinet gave the go-ahead for the new product as part of a new bill on consumer loans and other lending to consumers.

Commercial banks in Slovakia are likely to be obliged to offer a so-called basic banking product in the near future, which will be the same in all banks. At its January 13 session, the cabinet gave the go-ahead for the new product as part of a new bill on consumer loans and other lending to consumers.

The Finance Ministry said that a basic banking product would help clients to become more familiar with the situation on the market and make elementary bank account services available to all.

Finance Minister Ján Počiatek said after the cabinet session that the aim of the idea was to ensure that banks introduce certain basic service variants for normal clients. He said he expected banks to compete intensely for customers in terms of their package prices. If enacted, the legislation will take effect on June 11 of this year.

Finance Ministry spokesman Miroslav Šmál explained that the package of basic services would include the opening and cancellation of a current account denominated in euros, realisation of payment transactions (deposits, withdrawals and transfers) and issuance of an international debit card. It has also been suggested that the package would provide internet banking services or another e-banking application. Moreover, banks would not be allowed to limit the number of payment card and e-banking transactions. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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