OREANDA-NEWS. Based on the proposed amendments to the Law on Payments, the Bank of Lithuania has compiled a list of a payment account related key services of banks and credit unions to be provided for a regulated price. Price restrictions would come into effect once the Seimas approves the amendments to the Law on Payments that would implement the Payment Accounts Directive.  

“Bank account related payment services have become a necessity; therefore, we seek that they could be used by as many residents as possible and that service prices would be affordable. According to the criteria laid down in the draft Law on Payments, we have compiled a set of key payment services — starting with funds transfers and ending with ATM cash withdrawals. This basket of services would be subject to a price limit, which banks, credit unions, and electronic money institutions would not be able to exceed,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

According to him, regulation of the price of key payment services is provided for in the amendments to the Law on Payments which are yet to be approved by the Government and Seimas. 

The key services the Bank of Lithuania proposes to include in the basket of payment services with a restricted price, which would be provided on a monthly basis at no additional charges, are as follows: 

  • at least 10 transfers of any kind in euro via the Internet per month (to any bank, credit union or other payment service provider in Lithuania and other European Economic Area (EEA) countries);
  • unlimited crediting of funds in euro transferred to a client’s account;
  • ATM cash withdrawal in Lithuania of at least EUR 550 per month;
  • all transactions of depositing euro banknotes into a client’s account at places selected by banks and credit unions, e.g. at an ATM;
  • issuance, servicing, renewal of a payment card and payments with it via the Internet and at points of sale;
  • opening, management, closing of a payment account;  
  • E-banking and a secure means (code generator or similar), provided by a bank or credit union, of logging in to it.  

According to V. Vasiliauskas, while banks and credit unions will have to offer their clients a compiled basket of payment services, consumers will be free to choose between free of charge transition to it and usage of standard fees, as well as other proposals from payment service providers.

“The basket of key services and implementation of other requirements of the Payment Accounts Directive will ensure higher transparency and competition among payment service providers. If the Seimas adopts the amendments to the Law on Payments that would implement the requirements of the above-named Directive, the basket of payment services with a restricted price could be accessible to consumers already in 2016,” says V. Vasiliauskas.