Moldova's National Commission for Financial Markets drafts law to standardise payment account fees and simplify account switching and access to basic accounts

Moldova's National Commission for Financial Markets has prepared a draft law to improve transparency and comparability of payment account fees, introduce a simplified process for switching payment accounts between banks, and secure consumers’ right to a payment account with basic services. On fees, the draft would standardise fee naming through a national list of common services with uniform terms and definitions, require a pre-contract fee information document, and provide consumers with a free annual statement of fees paid and interest accrued. It also envisages a free online comparison platform for fees charged by different payment service providers (PSPs). For account switching, the receiving PSP would initiate and manage the process for the consumer, PSPs would be required to cooperate and clearly inform consumers about the service, charges would have to be fully transparent, and PSPs would be liable for financial losses arising during the transfer, including unjustified fees or penalties. On access to basic accounts, all consumers, including previously unbanked individuals, would have a non-discriminatory right to open a basic payment account enabling essential operations, with the account offered free of charge or for a reasonable fee and with an obligation on PSPs to inform consumers in an accessible manner. The draft law is to be sent to the Ministry of Finance for promotion and public consultations, and then submitted to Parliament for adoption.