The law on the comparability of fees associated with a consumer payment account, transfer of a consumer payment account and a payment account with basic services is in force as of today, the Central Bank of Montenegro (CBCG) has announced.
By adopting and implementing this Law, Montenegro has fully harmonized the regulatory framework in this area with Directive 2014/92/EC on comparability of fees associated with payment accounts, transfer of payment accounts and access to payment accounts with basic services (Payment Accounts Directive – PAD).
“The application of this Law opens up the possibility of better information for consumers, as a prerequisite for greater protection of their rights, easier comparability of fees for payment services associated with a payment account, increased competitiveness in the market, reduction of costs and administrative difficulties when switching payment accounts and the development of innovations in the field of providing financial services to consumers. Also, the Law opens up the possibility of financial inclusion for those consumers who are unable to open a payment account due to their residence or poor financial situation”, CBCG has stated.
CBCG has pointed out that this Law applies exclusively to consumers, that is, to any natural person who concludes a contract on payment services for purposes that are not intended for his/her activity, business or profession, but only for personal needs.
