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The Bank of Lithuania has drafted a list of private banking services that it proposes should be made more accessible. If the proposal is endorsed by parliament, commercial banks will have to provide basic services like debit card administration, cash withdrawals and money transfers in the EEA to their clients at a fixed charge.
Lithuania's central bank proposes to cap charges for basic banking services
© DELFI / Šarūnas Mažeika

According to the central bank's proposal, commercial banks should not charge more than EUR 1.53 per month for a list of basic services that it deems essential.

"Payment services linked to one's bank account are a necessity, therefore we want as many people as possible to have access to these services at an affordable price," Bank of Lithuania governor Vitas Vasiliauskas is quoted as saying in a press release. "Using criteria set out in the drafted Law on Payments, we have put together a set of essential banking services, from money transfers to cash withdrawals. There will be a limit to how much banks, credit unions, online banking service providers can charge their clients for these services."

To become law, the proposal has to be endorsed by the Lithuanian government and parliament.

The list of essential services that banks would have to provide at no extra charge includes a limited number of money transfers to accounts in the European Economic Area, debit card issuance and administration, cash withdrawals and deposits in ATMs, opening and closing bank accounts and online banking.

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