Regulatory Alerts2025-02-11
Added · Updated
Consumer Payment Account Act (VZKG)
The Austrian Federal Chamber of Labour and payment service providers are regulated by this Act to ensure transparency and comparability of fees for consumer payment accounts. The legislation mandates standardized fee information documents, annual statements of fees, and the operation of a public comparison website to facilitate consumer choice. Additionally, it establishes strict obligations for payment service providers to facilitate account switching and guarantees consumers access to basic payment accounts with non-discriminatory terms.
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