RegAlert2022-12-21 | 59/2022Added · Updated
Regulation 59/2022 on the comparability of fees for payment accounts and switching services
The Supervisory Council issued Regulation 59/2022 to mandate fee comparability, transparency, and switching requirements for payment service providers. The regulation applies these standards to both standard and basic payment accounts, guaranteeing consumers clear cost comparisons across providers. It additionally prescribes a standardized methodology for calculating reasonable fees charged for basic account services.
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Type: Rules
Approved by: Supervisory Council
Number: 59
Date: 21.12.2022
Enter into force: 29.05.2024
Published in: Official Journal
on: 14.05.2024
Category: Supervision
Department: Banking Supervision
The object of this regulation is:
a) to determine the requirements on comparability and transparency of fees charged to consumers in their payment accounts, as well as the requirements concerning the switching of payment accounts between payment service providers;
b) to determine the requirements on comparability and transparency of fees charged to consumers in their payment accounts with basic features, as well as the requirements concerning the switching of payment accounts with basic features between payment service providers; and
c) to determine the methodology for calculation of reasonable fees charged for the services provided in the payment account with basic features.
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List of the most representative services related to the payment account
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Source: Bank of Albania — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works