The Payment Account Directive

The Payment Account Directive (PAD) is a European Union regulation designed to improve accessibility and transparency in banking services, particularly for payment accounts like checking accounts. It requires banks to provide clear information about fees, services, and features of accounts. The directive also enables consumers to easily switch banks and encourages competition among financial institutions by facilitating access to basic banking services for everyone, including those who might struggle to obtain a standard account. Overall, it aims to empower consumers and ensure fair treatment in financial services across the EU.