The BQC's new regulation shows how citizens can turn the current routine into payment accounts with basic services

The Kosovo Central Bank (BQK) in the Mirtens of Accounting Meeting with Base Services says that regardless of financial circumstances, employment status or income level, citizens have the right to have access to payment accounts with basic services, Telegrafi writes.

According to the CEC, customers can convert their current accounts into payment accounts with basic services.

“existing consumers who have payment accounts, at request, have the right to convert their account to the payment account with basic services if they meet the presets under regulation”, the regulation said.

The account maintenance fee should not be higher than 0.12 percent of the average net wage value in the country.

“Banks can set lower rates (or even offer these services completely free of charge), but in no way can they determine tariffs higher than 0.1% of the average net monthly wage value in the Republic of Kosovo, recently published by the Kosovo Statistics Agency”, the regulation follows.

Also, it says that customers during their approach to the basic account, banks have no right to condition customers to purchase additional services.

“Consumers, the bank has no right to access a payment account with basic services, to condition on purchase of additional services”, the CEC shows.

In the services listed within the regulation, it is stressed that banks in the same form will provide these services to customers who hold payment accounts.

The payment account with basic services allows customers to open, maintain and close a payment account; services that enable the deposit of funds in payment accounts; services that allow the withdrawal of money from the payment account; execution of payment transactions; direct deportation; payment transactions through a folder, including online payments; credit transfers inside the bank, including automatic orders, where possible at <x0 ATMs; and in bank sports or online platforms.

This regulation imposes commercial banks instead of opening the payment account with basic services or refusing client application for such an account.

“Banks are obliged to open the payment account with basic services or to reject consumer application for such an account, later up to 10 days of work after full admission of the” app, the regulation points out, writes Telegrafi.

Commercial banks in the country should also provide free services for the categories of customers belonging to the vulnerable group.

“Banks must provide all envisioned free services for consumers belonging to the group of vulnerable consumers who benefit from the rights envisioned with legislation regulating pensions and social assistance in the Republic of Kosovo, confirmed by the Ministry of Finance, Labour and Transfers (or, the next ministry)”, BQK reports.

This regulation applies to all banks and branches of foreign banks licensed by the CEC, operating on Kosovo territory.