The Bank of Lithuania sent a letter to credit institutions providing the basic payment account service to residents, setting expectations for how the service should be presented and made available on websites and mobile apps. Institutions must provide clear, comprehensible information on the package’s composition, rates and ordering and service conditions, and ensure consumers can easily choose it or switch from an existing payment service package or plan. The information on the basic payment account must be displayed next to other service packages and be easily visible, with all packages published together so consumers can compare them. Package composition and applicable rates must be clearly detailed in a single document or presented so all relevant information can be found conveniently. The statutory basic payment account package under the Republic of Lithuania Law on Payments must be prominent and clearly identifiable as meeting the basic payment account service, and credit institutions must not impose additional conditions or require the purchase of extra services to access it. The Bank of Lithuania noted that the basic payment account service was updated following amendments to the Law on Payments that took effect on 1 January 2025.
Bank of Lithuania 2025-02-10
Bank of Lithuania tells credit institutions to make basic payment account packages clearly visible online and easy for consumers to switch to
The Bank of Lithuania issued guidance to credit institutions on presenting the basic payment account service, emphasizing clarity and accessibility on websites and mobile apps. Institutions must ensure the service is easily comparable with other packages and prominently display statutory compliance under the Republic of Lithuania Law on Payments. The update follows amendments to the Law on Payments effective from 1 January 2025.