Consumer protection & payments: new regulations

From January 13, 2018, new regulations for payment transactions will apply across Europe. What is actually changing for consumers.

The EU Payment Services Directive comes into force - and with it the new general terms and conditions (AGB), which savings banks and banks have adapted to the requirements. The rules are intended to standardize payment transactions within Europe, in particular consumer protection. For example:

Credit card abuse

If the credit or bank card is misused, the injured party must pay a maximum of 50 euros (previously: 150 euros). This also applies to online banking. Savings bank customers will not notice anything about the change: "The savings banks are waiving the deductible, " says Hans-Bert Schäfer, head of department at Sparkasse Köln-Bonn. Anyone who acts through gross negligence is fully liable. There is also a new regulation: If someone reports a misuse of payment, they will receive the missing amount back by the next business day. The following applies to transfers to a faulty IBAN: It is made easier for customers to contact the wrong recipient.

Rules for financial startups

Savings banks and banks must allow other payment services, such as startups, to access their customers' current accounts - if they agree. The aim is to promote competition. At the same time, the new providers are now subject to banking supervision: they receive rights, but also requirements (for example regarding security).

more transparency

Many hotels or car rental companies require card payments. Already when booking, they arrange for the financial institution to block an amount as a deposit. In the future, the cardholder must explicitly agree.