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Banks will have to offer a €1 basic service package to the poor

Banks will have to introduce a basic package of services priced at just €1 per month to poor people as of July 2013 after parliament passed an amendment to the Banking Act. The package, which was recommended by the European Commission, should include a regular transactional account as well as other basic services, the TASR newswire reported on July 25.

Banks will have to introduce a basic package of services priced at just €1 per month to poor people as of July 2013 after parliament passed an amendment to the Banking Act. The package, which was recommended by the European Commission, should include a regular transactional account as well as other basic services, the TASR newswire reported on July 25.

“This approach is a key element in support of social inclusion,” said the European Commission, as quoted by TASR.

However, not everybody will be eligible for the package. Applicants will have to meet certain conditions, such as receiving only the minimum monthly salary, and have no bank account on the date of their application. They will receive a package of services that includes deposits, withdrawals, cashless transactions and an international debit card.

The amendment was criticised by Freedom and Solidarity (SaS) MP Jozef Kollár, who said that the conditions which had been set to qualify for and use the product were too strict.

Source: TASR

Compiled by Radka Minarechová from press reports
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