Negotiators from the European Parliament and EU member states agreed that retailers will in the future be able to offer cash withdrawals between 100 and 150 euros without customers having to buy anything. The goal is to improve access to cash, especially in rural areas.
In addition, all fees must be displayed transparently before a card payment or when withdrawing cash. This includes, for example, exchange rate costs or ATM fees.
Fraud prevention
To make fraud more difficult, payment service providers such as banks will in the future have to check whether the recipient’s name and account number match before executing a transfer. This is already required for certain types of payments. If providers fail at fraud prevention, they can be held liable for customer losses.
Identity fraud is also a key focus, in which scammers pose as employees of a bank or other payment service provider and trick supposed customers into making payments. In such cases, payment service providers must reimburse the full amount, provided the customer reports the fraud to the police, according to Parliament.
Compensation for banks
Online platforms will also be held more accountable: According to the European Parliament, they will in the future be liable to banks that have compensated defrauded customers if they were informed about fraudulent content and failed to remove it. The European Parliament and EU member states must still formally approve the agreement before the rules can take effect.
