The bank and financial products — accounts, deposits, deposit guarantee

🧔 Adult The law limits who may collect deposits from the general public. Directive 2013/36/EU (CRD), Article 9(1): Member States "shall prohibit persons or undertakings that are not credit institutions from carrying out the business of taking deposits or other repayable funds from the public"; Article 8(1): credit institutions must obtain authorisation (a licence) before they start ✔ (official text, CELEX 32013L0036). A bank licensed in one EU Member State may provide services in another, directly or through a branch. Other market participants have a different role:

• Financial institution — for example a company that lends money that was not collected by taking deposits from the public ✔. It is not a bank and does not take deposits under this regime.
• Payment institution and electronic money institution are separate categories ✔. Funds that a payment institution receives from users "shall not constitute a deposit" (PSD2, Article 18) and must be safeguarded (PSD2, Article 10); funds received by an e-money institution are exchanged for electronic money without delay and are not a deposit either (Directive 2009/110/EC, Article 6) ✔ (official texts, CELEX 32015L2366 and 32009L0110). Deposit guarantee schemes cover deposits in credit institutions, so they do not guarantee these funds as deposits; the specific terms of their protection are in the contract.
• Mutual-aid funds that lend only to their own members, with money paid in by those members, may fall outside banking law ✔.
• Financial products can also be offered through non-financial organisations (an employer, a shop, a club). The EU/OECD-INFE framework (competences 494–496) points out that such offers have their own risks and that you should make an informed choice.

Example: Bulgaria — Only the following may publicly attract deposits: (1) a person holding a banking licence; (2) a bank from a non-EU country licensed by the Bulgarian National Bank (BNB) to operate in Bulgaria through a branch; (3) a bank authorised by the competent authorities of another Member State that provides services in Bulgaria directly or through a branch (Credit Institutions Act, Article 2(5)) ✔. A licence is required for banking business (Article 13(1)) ✔. Financial institutions — Article 3; payment and e-money institutions — Article 3(2); mutual-aid funds of members — Article 4(1)(3), to which the Act does not apply ✔. Under the Payment Services and Payment Systems Act, funds received by a payment institution are not a deposit (Article 22(3)), are held in a separate safeguarding account and do not form part of the insolvency estate (Article 23(1)–(3)); funds received by an e-money institution are not a deposit and are exchanged immediately for e-money (Article 40(2)) ✔ (consolidated text on kik-info). The Bank Deposit Guarantee Act applies to banks licensed to attract deposits and to their branches (Article 1(2)) ✔ (lex.bg, opened 21.10.2026).

Check in your country — Who licenses and supervises banks? Usually the central bank or the national financial supervisor; for the largest banks in the euro area, the European Central Bank. Look for its public register of licensed credit institutions and branches, and for the separate registers of payment and e-money institutions.

What to ask when something is presented as "like a bank":

1. Who is the legal entity and where is it registered?
2. Does it have a licence, and from which authority?
3. Is the deposit guaranteed, and by which scheme?

Myth → truth

• Myth: "Anything that keeps money and pays interest is a bank."
• Truth: only licensed credit institutions (and their branches) may take deposits from the general public. Other services may be legal, but they are a different kind, and their protection is different.

Who profits? The bank — from the difference between the interest on deposits and on loans, and from fees. You — when you know who you are dealing with and what you are paying for.

→ Continue at the source

• EU — Regulation (EU) No 575/2013, Article 4(1)(1) (definition of credit institution): https://publications.europa.eu/resource/celex/32013R0575 ✔
• EU — Directive 2013/36/EU, Articles 8–9 (authorisation; prohibition on deposit-taking by others): https://publications.europa.eu/resource/celex/32013L0036 ✔
• Example: Bulgaria — BNB, Credit Institutions Act (full text, in Bulgarian): https://www.bnb.bg/bnbweb/groups/public/documents/bnb_law/laws_creditinstitutions_bg.pdf ✔
• Example: Bulgaria — BNB, registers of credit institutions: https://www.bnb.bg/BankSupervision/BSCreditInstitution/BSCIRegisters/index.htm ✔ (opened 19.10.2026: register of licensed banks and branches of foreign banks; list of EEA credit institutions providing services freely)

🧔 Adult Every account has costs. Ask and compare:

1. Maintenance fee — monthly/yearly.
2. Card fee — for issuing and for renewal.
3. Withdrawals — at your own bank's ATM, at another bank's ATM, at the counter.
4. Transfers — within the bank, to another bank, online or at the counter; instant transfers.
5. Packages — sometimes the account is offered together with other services in a package. In that case Directive 2014/92/EU, Article 8 requires the provider to tell you whether the payment account can be purchased separately and, if so, to give separate information on the costs and fees of each product in the package ✔ (official text, CELEX 32014L0092).
6. Minimum balance, penalties, closing fees. Small fees add up. Their yearly total is the number that matters.

Example: Bulgaria — The Payment Services and Payment Systems Act, Article 110, transposes the rule on packages: the provider must inform you that the account can be opened and kept separately, and give separate cost information for each part ✔ (consolidated text on kik-info, read 19.10.2026).

Check in your country — The rule on packaged accounts is the same across the EU; it sits in your national law on payment services or payment accounts. Ask your bank for its tariff (the price list) and for the fee information document (Chapter 6).

Example (fictional). An account with a monthly fee of €2 and a fee of €0.30 for each transfer to another bank. With 6 transfers a month: 2 + 6 × 0.30 = €3.80 a month, €45.60 a year. Another account with a €4 fee and free transfers costs €48 a year. A lower monthly fee does not necessarily mean a lower yearly price — it depends on how many transfers you make.

Myth → truth

• Myth: "The account is free, so it costs nothing."
• Truth: often only the opening is free. The maintenance fee and the fees for the card, withdrawals and transfers are in the tariff. Read it before you sign.

Who profits? The bank — from fees, especially the small ones nobody notices. You — when you add up the yearly cost.

→ Continue at the source

• EU — Directive 2014/92/EU, Article 8 (packaged accounts): https://publications.europa.eu/resource/celex/32014L0092 ✔
• Example: Bulgaria — Payment Services and Payment Systems Act, chapter on payment accounts (in Bulgarian): https://kik-info.com/normativna-baza/zakoni/zpups/ ✔ (consolidated text by a commercial publisher, read 19.10.2026; the official State Gazette was not opened)
• Example: Bulgaria — BNB, information for users of financial and payment services (in Bulgarian): https://www.bnb.bg/bnbweb/groups/public/documents/bnb_download/bs_cust_info_pdf_bg.pdf ✔ (handbook of June 2024, read on 21.10.2026; the amounts in it are still in leva — e.g. the guarantee is given as BGN 196,000)

🧔 Adult The main rules of the Directive ✔ (official text, CELEX 32014L0092):

• What it includes (Article 17(1)): opening, operating and closing the account; paying money in; cash withdrawals within the Union at the counter or at ATMs; and, within the Union, direct debits, card payments (including online) and credit transfers (including standing orders) at terminals, counters and online.
• Who has the right (Article 16(2)): consumers legally resident in the Union, "including consumers with no fixed address and asylum seekers, and consumers who are not granted a residence permit but whose expulsion is impossible for legal or factual reasons".
• Deadline (Article 16(3)): the bank opens the account or refuses "without undue delay and at the latest 10 business days after receiving a complete application".
• Refusal (Article 16(4)–(7)): refusal is mandatory where opening the account would breach the rules against money laundering and terrorist financing; it may be allowed where the consumer already holds an account in the same country that offers the same services. The bank informs you of the refusal and its specific reason in writing and free of charge, and tells you how to complain and which bodies you can turn to.
• Price (Article 18(1)): the services are offered "free of charge or for a reasonable fee".
• No compulsory extras: access must not be made conditional on buying other services.

Example: Bulgaria — The Payment Services and Payment Systems Act, Articles 117–120a, transposes the Directive ✔: - What it includes (Article 118(1)): the basic account provides, in euro within the country: opening, use and closing; paying in; cash withdrawals at the counter or ATM; direct debits; card payments, including online; credit transfers, including standing orders, at ATMs, POS terminals, the counter and via online banking ✔ (text as amended by State Gazette No. 64 of 2025, in force from 01.01.2026). - Unlimited number of operations for these services (Article 118(3)) ✔. - Buying extra services is not required (Article 118(5)); access is not tied to buying extra services or shares in the bank, unless that applies to all customers (Article 119(7)) ✔. - Who has the right (Article 119(2)) — the same groups as in the Directive ✔. - Deadline (Article 119(3)): "no later than 10 days after receipt of all necessary documents" ✔ (in the Directive — 10 business days, Article 16(3)) ✔. - Refusal (Article 119(4)–(6)): mandatory under the anti-money-laundering rules; possible if the consumer already has a basic account or more than one account offering all the services in Article 118(1). The bank informs you in writing, free of charge, with the reason, how to complain, and that you can turn to the BNB and to the Conciliation Committee for Payment Disputes ✔. - Price (Article 120): "free of charge or for reasonable fees"; reasonable fees take into account income levels in Bulgaria and are lower than the average fees for the same services on other accounts; the BNB publishes the average fees once a year (Article 120(5)–(6)) ✔. - Salary, pension, benefits, grants (Article 120a): when such funds are paid into and kept on the account, no regular maintenance fee is charged, and up to three credit transfers and up to ten cash withdrawals a month at the servicing bank's ATMs or POS terminals are free; this does not apply to withdrawals at other providers' ATMs/POS or at the bank's cash desk (paragraphs 1 and 2). The consumer declares the type of funds received and updates it if it changes (paragraph 3) ✔ (as amended by State Gazette No. 64 of 2025, in force from 07.10.2025). - Fee information is also available to people who are not yet customers (Article 105(1)) ✔.

Check in your country — Ask any bank for its "payment account with basic features" (the name may differ slightly). Your national law on payment accounts sets what "reasonable fee" means and whether there are extra free operations for people who receive a salary, pension or benefits. The central bank or the consumer protection authority usually explains the rules on its website; a neutral starting point is the European Commission's Your Europe portal.

Myth → truth

• Myth: "If I have no permanent address, or I have a credit history, no bank will open an account for me."
• Truth: for a basic payment account, the law does not allow discrimination on the basis of nationality or place of residence and lists the exact grounds for refusal (Directive 2014/92/EU, Articles 15–16; in Bulgaria, Payment Services and Payment Systems Act, Articles 117(1) and 119) ✔. If you are refused, you have the right to a written explanation and to complain.

Who profits? Everyone who wants the simplest service — receiving a salary or pension and paying bills — without unnecessary packages. The bank profits if you take extra products; the law, however, says they are not a condition.

→ Continue at the source

• Directive 2014/92/EU — EUR-Lex (ELI): http://data.europa.eu/eli/dir/2014/92/oj ✔ (the text was opened at the official address https://publications.europa.eu/resource/celex/32014L0092; the ELI address returns no text without JavaScript).
• Example: Bulgaria — Payment Services and Payment Systems Act, Articles 117–120a, as amended by State Gazette No. 64 of 05.08.2025 (in Bulgarian): https://dv.parliament.bg/DVWeb/showMaterialDV.jsp?idMat=236379 ✔ (the amending act; the full consolidated text is on kik-info, above).

🧔 Adult What the conditions must contain. Before you deposit, the bank must tell you the interest rate and how it is calculated, when interest is paid, whether the rate is fixed or variable, the minimum amount, the notice period and what happens if you withdraw early, and which deposit guarantee scheme covers the deposit (for the scheme, Directive 2014/49/EU, Article 16) ✔.

Example: Bulgaria — The Credit Institutions Act, Article 57(2), says the conditions must contain: (1) the interest rates and the method of calculation; (2) the interest payment periods and whether the rate is variable and under what conditions; (3) the minimum amount accepted as a deposit; (4) the notice period and the consequences of early withdrawal; (5) the applicable deposit guarantee scheme — amount, body, payout period ✔. Fixed rate: for a term deposit with a fixed rate, the bank may not lower the rate before the term ends (Article 57(4)) ✔.

Nominal rate and effective yield. The nominal annual rate is the percentage written in the contract. The effective annual yield shows what you really get in a year when the interest is capitalised — that is, added to the principal so that it earns interest too. At the same nominal rate, more frequent capitalisation gives a slightly higher result (framework: competence 159, compound interest). So when comparing, look not only at the rate but also at how often the interest is added.

Example: Bulgaria — The law requires the bank to state in its published deposit conditions the interest rates and the method of calculating interest, as well as the interest payment periods (Credit Institutions Act, Article 57(2), points 1–2) ✔ (text of the law on bnb.bg, opened 21.10.2026).

Example (fictional). A deposit of €10,000 at a nominal rate of 3% a year, with interest added to the principal every quarter. After one year: 10,000 × (1 + 0.03/4)⁴ = €10,303.39. The effective yield is about 3.03%, not exactly 3%. If the same interest is paid at the end of the year without capitalisation, you get €300. The difference over one year is small (€3.39), but it grows with a longer term and a larger amount.

Interest versus inflation. The real interest rate is roughly the nominal rate minus inflation. If prices rise faster than the interest, the purchasing power of your savings falls — the framework points to thinking about the real interest rate (competence 161) and to continuing to save even when rates are low (competence 160). Tax on interest. Whether interest on deposits is taxed depends on the country: on whether you are a tax resident, where the bank is, and the type of product. There is no single EU rule for this.

Example: Bulgaria — Under the Personal Income Tax Act, Article 13(1)(8), income from interest on deposits in banks or bank branches established in an EU Member State or another country of the European Economic Area is not taxable; "deposit" here has the meaning given in the Bank Deposit Guarantee Act (Personal Income Tax Act, Supplementary Provisions, § 1(58)) ✔ (point 8 in force since 01.04.2022, State Gazette No. 17 of 2022; read in the consolidated text on kik-info, which also reflects State Gazette No. 30 of 2026, and checked against lex.bg on 21.10.2026; confirmed by the National Revenue Agency (NRA): https://nra.bg/wps/portal/nra/taxes/okonchatelen-danak-varhu-dohodi/dohodi-ot-lihvi). According to the NRA, interest on deposits in EU/EEA banks and in Bulgarian banks is tax-free for residents; interest on a deposit in a bank outside the EU/EEA is taxed as part of the total annual tax base. Interest from other sources is taxed under the general rules (e.g. Personal Income Tax Act, Article 35(3) — "interest" is taxable income ✔; according to the NRA, interest outside the exemptions, e.g. on a loan, is taxed at 10%). The check is with the NRA (nra.bg) ✔.

Check in your country — Is interest on deposits taxed, at what rate, and does the bank withhold the tax or must you declare it yourself? The answer is on the website of your tax authority. If your deposit is in another country, check both countries' rules.

What to ask before you deposit: the term and the conditions for early withdrawal; fixed or variable rate; when interest is calculated and when it is paid; whether the deposit is guaranteed; whether there is a fee for opening or closing. Structured deposit products. Some banks offer deposits whose return depends on something else (e.g. an index or a fund). Such products are guaranteed only if their principal is repayable in full at nominal value, and the depositor must check the specific product ✔. This is already an investment element — see the module "Investing: the basics".

Example: Bulgaria — The Bulgarian Deposit Insurance Fund (BDIF, ФГВБ) states the rule on structured products above ✔. When the interest is linked to the return of a collective investment scheme, the bank provides a key information document for investors (Credit Institutions Act, Article 57(5)) ✔.

Myth → truth

• Myth: "The highest interest rate is the best deposit."
• Truth: compare the term, access to your money, fixed or variable rate, fees, inflation and the guarantee. A high rate for a short or an unusually long term may not be the best fit for your goal.

Who profits? The bank — it uses your money while you keep it there. You — you get interest and security when you do not need the money for the term.

→ Continue at the source

• EU — Directive 2014/49/EU, Article 16 (depositor information): https://publications.europa.eu/resource/celex/32014L0049 ✔
• Example: Bulgaria — Credit Institutions Act, Article 57 — deposit conditions (BNB, full text, in Bulgarian): https://www.bnb.bg/bnbweb/groups/public/documents/bnb_law/laws_creditinstitutions_bg.pdf ✔
• Example: Bulgaria — NRA, income from interest (in Bulgarian): https://nra.bg/wps/portal/nra/taxes/okonchatelen-danak-varhu-dohodi/dohodi-ot-lihvi ✔

🧔 Adult Where the rule comes from. The EU requires Member States to have a deposit guarantee scheme. Directive 2014/49/EU, Article 6(1): "the coverage level for the aggregate deposits of each depositor is EUR 100 000"; Article 7(1): the limit applies to the aggregate deposits placed with the same credit institution, irrespective of the number of deposits, the currency and the location within the Union; Article 8(1): the amount must be available within seven working days ✔ (Directive 2014/49/EU, opened at the official address https://publications.europa.eu/resource/celex/32014L0049). Temporarily higher amounts. Under Article 6(2), certain deposits are protected above €100,000 "for at least three months and no longer than 12 months": deposits from real estate transactions relating to private homes; deposits linked to life events such as marriage, divorce, retirement, dismissal, redundancy, invalidity or death; and deposits based on insurance benefits or compensation for criminal injuries or wrongful conviction ✔. The exact amount and period are set by each country. All your accounts are added together. All your deposits in the same bank count as one total, and the guarantee applies to that total ✔ (Article 7(1)). Joint account. "In case of joint accounts, the limit of EUR 100 000 applies to each depositor" (Directive 2014/49/EU, Annex I, depositor information sheet) ✔. Information sheet. Before you sign a deposit contract, the bank must give you a standard depositor information sheet and you confirm that you received it; your account statements confirm that the deposits are eligible (Article 16(2)–(3), Annex I) ✔.

Example: Bulgaria — Bank Deposit Guarantee Act. The scheme is the Bulgarian Deposit Insurance Fund (BDIF): https://dif.bg. - Amount (Article 9(1)): the BDIF guarantees full payment of one person's deposits in one bank "up to €100,000" ✔ (as amended by State Gazette No. 70 of 2024, in force from 01.01.2026). - Temporarily higher amount (Article 10(1)): up to €125,000 for certain deposits — residential property transactions, marriage or divorce, termination of employment, invalidity or death, insurance and social security payments, compensation for damage from crimes; for up to three months ✔ (€125,000 — text of the law; the period — BDIF brochure, 2026). - All accounts are added up. BDIF: "all your deposits in the same bank are 'added up'" and the guarantee applies to the total. The total includes the principal and the interest accrued up to the date the licence is withdrawn ✔ (BDIF brochure 2026, question 11; Bank Deposit Guarantee Act, Article 12). - What is guaranteed: money in a bank account of any kind — current, with a debit card, deposit, savings, collection account, in the name of one or more persons; deposits in euro and in foreign currency (paid out in euro at the ECB rate on the date of the act); deposits of individuals and legal persons ✔ (BDIF, questions 3–5; Act, Article 8). - What is not guaranteed: deposits of banks, financial institutions, insurers, pension companies and funds, investment firms and funds, budget organisations and guarantee funds; deposits linked to money laundering or terrorist financing established by a final judgment; deposits of unidentified holders; financial instruments of an investment nature — they are not a bank deposit; accounts with a balance under €10 and no activity by the holder in the last 24 months ✔ (BDIF, questions 5 and 7; Act, Article 11). - Joint account. Each depositor's share is added to their other deposits in the bank; unless the contract says otherwise, the shares are equal (BDIF, question 13) ✔. - Mergers. When banks merge, deposits are guaranteed separately for six months, then added together (BDIF, question 9) ✔. - Company and sole trader. A company (legal person) is guaranteed separately from its owner; a sole trader is not a legal person, and their personal deposit is added to the sole trader's account (BDIF, question 11, examples) ✔. - Child. A deposit "in favour of a third party" (e.g. in a child's name) has its own guarantee unless the contract says otherwise; if the holder is a minor, parents or guardians obtain court permission to dispose of the money when the BDIF pays out ✔ (BDIF, question 14). - Payout period. The BDIF provides access to the guaranteed amounts no later than 7 working days from the withdrawal of the licence, the declaration of deposits as unavailable or a court decision (Act, Article 20(5) ✔; BDIF, question 12 ✔). The period may be extended in certain cases — e.g. up to 3 months when documents are needed to establish the origin of temporarily high balances or to identify the entitled person; in a dispute or under restrictive measures — up to 7 working days from notification of the BDIF; for a branch in another EU country — by no more than 20 working days ✔ (BDIF, question 12). - No application needed. There is no legal requirement to apply to the BDIF or to your bank; payment is made through a bank or banks chosen by the BDIF and announced on dif.bg and in at least two national daily newspapers ✔ (BDIF, questions 16–17). - Limitation period. The guaranteed amount can be collected within the general five-year limitation period from the first day of payout ✔ (BDIF, question 21). - A loan from the same bank. Guaranteed amounts are paid regardless of whether the depositor owes money to the same bank (BDIF, question 11) ✔. - Above the limit. For claims above the amount received, depositors are paid from the bank's assets in the order set by law (BDIF, question 24) ✔. - Information sheet. The bank must state in its conditions and in the contract whether the deposit is guaranteed, and give you a depositor information sheet before the contract and at least once a year (Credit Institutions Act, Article 57(3)) ✔. The sheet states the amount (€100,000 per depositor per bank), the period (7 working days), the payout currency and the BDIF's details.

Example (fictional). A married couple have a joint deposit of €150,000 and a personal deposit of €10,000 each. The joint one is split in two: €75,000 + €10,000 = €85,000 per person — under €100,000, so everything is within the guarantee. (The Bulgarian fund's brochure has a similar example.) Example (fictional). One person has a savings account of €90,000 and a current account of €20,000 in the same bank. Total: €110,000. The fund will pay €100,000, and for the remaining €10,000 the person becomes a creditor of the bank (the Bulgarian fund warns about such a case in its information sheet).

• One bank — one limit. The guarantee is "one depositor in one bank". If two banks belong to one group but are separate licensed institutions, check this in the bank's depositor information sheet. Directive 2014/49/EU, Article 7(1), links the limit to deposits "placed with the same credit institution", and Article 7(9) requires depositors to be informed when the institution operates under different brand names ✔.

Check in your country — Which scheme guarantees deposits at your bank, and what is its website? The answer is on the depositor information sheet the bank must give you. On the scheme's website, look for: the temporarily higher amount and its period, the list of what is not covered, and how payout works. If your bank is a branch of a bank from another EU country, your deposits may be guaranteed by that country's scheme.

Myth → truth

• Myth: "My money in the bank is always fully guaranteed."
• Truth: it is guaranteed up to €100,000 per depositor per bank (all accounts together); investment products are not deposits. Above the limit, you are a creditor of the bank.
• Myth: "When a crisis comes, I have to apply to the fund."
• Truth: in the EU the payout must be available within seven working days, and in Bulgaria the law does not require an application; the fund announces when and where it pays. Check how it works in your country.

Who profits? The peace of mind of all depositors — because they know there is a rule. The Bulgarian fund is financed mainly by annual premium contributions from the banks and by income from investing its resources (BDIF, question 28) ✔.

→ Continue at the source

• Directive 2014/49/EU — EUR-Lex (ELI): http://data.europa.eu/eli/dir/2014/49/oj ✔ (https://publications.europa.eu/resource/celex/32014L0049)
• Example: Bulgaria — BDIF, Bulgarian Deposit Insurance Fund: https://dif.bg ✔ (home page; the brochure "Questions and answers on deposit guarantee", 2026, is published by the BDIF and reprinted by banks).
• Example: Bulgaria — Bank Deposit Guarantee Act, promulgated in State Gazette No. 62 of 14.08.2015, full text (in Bulgarian): https://dv.parliament.bg/DVWeb/showMaterialDV.jsp?idMat=96408 ✔ (original text in leva; the euro amounts are in the current version, lex.bg: https://www.lex.bg/bg/laws/ldoc/2136592588 ✔ — Article 9(1) "up to €100,000", Article 10(1) "up to €125,000", Article 20(5) "no later than 7 working days", opened 21.10.2026).

🧔 Adult What the Directive requires ✔ (official text, CELEX 32014L0092):

• Fee information document (Article 4): given on paper or another durable medium before the contract; uses the standardised terms from the national list of the most representative services linked to a payment account; short and stand-alone, with the title "Fee information document" and a common symbol; for packages, it shows the fee for the package, the services included and how many, and the fee for each service outside the package.
• Availability: the document and a glossary of the terms are available at all times, including to people who are not customers, on the premises and on the provider's website.
• Statement of fees (Article 5): at least once a year, free of charge — all fees incurred and, where applicable, the overdraft interest rate, the credit interest rate on the account and the total interest earned; with the title "Statement of fees".
• Same terms: in contracts, commercial and marketing information, providers use the standardised terms where applicable; brand names are allowed only if the standard term is clearly shown.

Example: Bulgaria — The Payment Services and Payment Systems Act transposes this ✔ (consolidated text on kik-info): - Fee information document (Article 103): given on paper or another durable medium "in good time before the consumer is bound by a contract"; uses the standardised terms from the list of the most representative services (Article 102 — the list is adopted by a BNB ordinance); short, stand-alone, legible, in Bulgarian (or another agreed language), titled "Fee information document" with the standard symbol; for packages — the package fee, the services and their number, and the fee for each service outside the package ✔. - Availability (Article 105): at any time, "including to persons who are not customers", on the provider's premises and website; on request — free on paper or another durable medium ✔. - Statement of fees (Articles 106–107): on request, free of charge, at least once a year (the Directive requires it to be provided at least annually; the Bulgarian law says "on request") ✔. It contains the unit fee for each service and how many times it was used; the package fee and extra fees; the total fees paid; the total fees charged; titled "Statement of fees" ✔. - Same terminology (Article 108) ✔. - Changes to the contract (Article 62(1)): changes to a framework contract require at least two months' notice ✔.

Check in your country — The two documents have the same names and the same common symbol in every EU country, in your language. Ask your bank for the fee information document before you open an account, and for the statement of fees once a year. Under PSD2, changes to a framework contract are proposed no later than two months before they apply (PSD2, Article 54(1)) ✔ (official text, CELEX 32015L2366).

How to read it (checklist):

1. The maintenance fee and the card fee.
2. What is included in the package, and how many times.
3. How much each withdrawal and each transfer costs — within the bank and outside it.
4. Overdraft: interest and fees.
5. Account currency and conversion fees (ask the bank; see its tariff).
6. Fees for closing and for switching.
7. How and when the conditions may change (at least two months' notice for changes to a framework contract).
8. Whether the deposit is guaranteed, and up to how much.
9. Where the fee information document is (it must be available even before you become a customer). Reading the contract is part of the consumer's responsibility: the EU/OECD-INFE framework (competences 408, 437) notes that part of the protection relies on consumers reading the information they are given.

Myth → truth

• Myth: "The advert tells me everything I need."
• Truth: the advert shows the attractive part. The fee information document and the contract show the whole price. Read them before you sign.

Who profits? Whoever read the document before signing — they get an account that matches their needs.

→ Continue at the source

• Directive 2014/92/EU, Chapter II (transparency and comparability of fees): http://data.europa.eu/eli/dir/2014/92/oj ✔ (https://publications.europa.eu/resource/celex/32014L0092)
• Example: Bulgaria — BNB, Ordinance No. 3 and the list of the most representative services (Payment Services and Payment Systems Act, Article 102); guidance on the fee information document, in force from 01.01.2026 (in Bulgarian): https://www.bnb.bg/PaymentSystem/PSComparisonOfPSProvidersFees/PSCOfPSPFIntroduction/index.htm ✔

🧔 Adult The switching service (Directive 2014/92/EU, Articles 9–13) is provided between payment accounts held in the same currency ✔ (official text, CELEX 32014L0092). The main points of Article 10:

• The receiving (new) bank starts it — at your request and with your authorisation (where there are several holders — from each of them).
• Within two business days of the authorisation, the new bank asks the old bank to send a list of standing orders and direct debits, to stop standing orders, to transfer the positive balance and to close the old account — as you authorised.
• The old bank sends the information within five business days.
• The new bank, within five business days of receiving the information, sets up the standing orders, prepares to accept the direct debits and informs payers and payees (or gives you standard letters if you prefer to send them yourself).
• You can choose the date from which new payments run, at least six business days after the new bank receives the documents from the old one. ✔ Fees and losses. Access to your personal information on existing standing orders and direct debits is free of charge (Article 12(1)); the old bank sends the requested information without charging you (Article 12(2)); other fees, if any, must be reasonable (Article 12). Any financial loss, including charges and interest, that results directly from a provider's failure to meet its switching obligations is refunded without delay by that provider (Article 13(1)) ✔. Comparison. Consumers have free access to at least one website comparing fees charged by payment service providers at national level; it may be run by a private operator or by a public authority (Directive 2014/92/EU, Article 7(1)) ✔. The framework points to using reliable and impartial comparison tools (competence 162). What to compare, by type of website: fee comparison websites for accounts (required by law); websites comparing deposit rates — read who owns them and whether they are paid by the banks, because this can affect the order of the results (framework, competences 446 and 456). When it is worth switching. The framework (competences 485, 488–489) points to reviewing your products regularly and switching when the service is poor or the price uncompetitive. Switching makes sense when your yearly saving is greater than the effort and any closing fees (a judgement, not a legal rule).

Example: Bulgaria — The switching service is in the Payment Services and Payment Systems Act, Articles 111–115, with the same steps and deadlines as the Directive: the receiving bank requests within 2 business days; the transferring bank responds within 5 business days and may not block payment instruments before the date you chose (except under Article 74(2)); the receiving bank acts within 5 business days; the new date is at least 6 business days later; the old account is closed only if there are no outstanding obligations on it (Article 112) ✔ (consolidated text on kik-info). No fees for access to information on standing orders and direct debits (Article 113(1)); other fees must be "reasonable and in line with actual costs" (Article 113(4)); losses are refunded immediately by the provider at fault (Article 114(1), except in exceptional and unforeseeable circumstances or a legal obligation — Article 114(2)) ✔. Banks give free information on the service (Article 115) ✔. Comparison: the law (Article 109(1)) gives free access to at least one fee comparison website, which must be functionally independent, show its owner, use clear criteria, show when it was last updated and say clearly when it does not cover the whole market (Article 109(2)) ✔. The BNB runs such a page and publishes information on others that meet the conditions (Article 109(3) and (5)) ✔.

Check in your country — Ask your new bank for the "switching service": it must start the process for you. Look for the national fee comparison website — often run by the central bank, the financial supervisor or the consumer protection authority.

Myth → truth

• Myth: "Switching banks is complicated and I'll lose my salary payment."
• Truth: the law sets out the steps and deadlines and provides compensation for losses caused by a breach (Directive 2014/92/EU, Articles 10–13; in Bulgaria, Payment Services and Payment Systems Act, Articles 112–114).

Who profits? Whoever reviews their costs regularly. The bank profits from a customer who never compares — so checking is in your hands.

→ Continue at the source

• EU — Directive 2014/92/EU, Chapter III (switching) and Article 7 (comparison websites): https://publications.europa.eu/resource/celex/32014L0092 ✔
• Example: Bulgaria — BNB, page comparing fees on payment accounts (Payment Services and Payment Systems Act, Article 109; in Bulgarian): https://www.bnb.bg/PaymentSystem/PSComparisonOfPSProvidersFees/PSCOfPSPFIntroduction/index.htm ✔ (the page has been running since 31.10.2018)
• Example: Bulgaria — Payment Services and Payment Systems Act, Articles 111–115 — switching of payment accounts (in Bulgarian): https://kik-info.com/normativna-baza/zakoni/zpups/ ✔ (consolidated text by a commercial publisher)

🧔 Adult The bank must answer. PSD2, Article 101(2): the provider replies on paper or another agreed durable medium, addressing all points raised, "at the latest within 15 business days of receipt of the complaint". In exceptional situations, for reasons beyond its control, it sends a holding reply with the reasons for the delay and the date of the final reply, which "shall not exceed 35 business days" ✔ (official text, CELEX 32015L2366). Where the dispute goes next. Member States must ensure out-of-court (ADR) procedures for disputes between payment service users and providers that are "adequate, independent, impartial, transparent and effective" (PSD2, Article 102(1)) ✔. Using them does not take away your right to go to court. Refusal of a basic payment account. If refused, the bank must tell you in writing, free of charge, the specific reason and how to complain (Directive 2014/92/EU, Article 16(7)) ✔. Other disputes. For breaches of consumer law (e.g. unfair terms), the general body is the national consumer protection authority. The banking supervisor regulates and supervises banks to keep the banking system stable and protect depositors; an individual dispute is decided by an ADR body or a court. Check which body is competent for your specific problem before you file. The EU's ODR platform for online disputes has been closed since 20.07.2025 and is no longer used. Where to check the licence.

• The register of the banking supervisor — the list of banks licensed in the country and branches of foreign banks, and the list of credit institutions from the EEA providing services in the country; separately, the registers of financial institutions, payment institutions and e-money institutions.
• The law requires a licence for banking business and limits deposit-taking to licensed institutions (Directive 2013/36/EU, Articles 8–9) ✔.
• Being on a register is not a guarantee of success, but a confirmation that the institution is allowed by law to operate. The framework points to checking the provider and information on breaches (competences 409, 411). Personal data protection. Never give anyone your card numbers, passwords or PIN. The EU/OECD-INFE framework (competences 426–429) points to protecting personal data in finance; the bank's specific rules are in its terms.

Example: Bulgaria — The bank must answer: Payment Services and Payment Systems Act, Article 174 — the provider must decide on every written complaint "within 15 working days of receipt" (paragraph 3); exceptionally — a reply explaining why and when, but no later than 35 working days (paragraph 4) ✔ (consolidated text on kik-info). Next step: the Conciliation Committee for Payment Disputes (Article 174(5)); under Article 175(1) it is an alternative dispute resolution body "at the Consumer Protection Commission" (CPC) and is independent (paragraph 3) ✔. Applications are made in writing, by e-mail or online through the CPC website (Article 178(1)); the parties pay no fee (Article 180(1)); the procedure is not a precondition for going to court (Article 177(2)) ✔. Refusal of a basic account: written, free notice with the reason and the right to turn to the BNB and the Committee (Article 119(6)) ✔. Other disputes: the general body is the CPC ✔: according to kzp.bg, 12 general and 14 sectoral conciliation committees work at the CPC, including one for financial services (including consumer and mortgage credit) and a separate one for payment disputes; participation is voluntary, the procedure is free for the parties (costs of representation, expert opinions and translation may be borne by them) and ends with a conciliation proposal within 90 days. According to the BNB handbook (June 2024), the sectoral committee handles disputes under contracts for financial services — consumer and mortgage credit ✔; disputes about deposits are not explicitly listed there, so ask the CPC ⚠ (no official text including or excluding them has been opened). The BNB regulates and supervises banks to maintain the stability of the banking system and to protect depositors' interests ✔ (bnb.bg, "Banking supervision", opened 21.10.2026). An individual dispute about a payment service is decided by the Committee above or by a court ✔. Registers: BNB register of credit institutions (https://www.bnb.bg/BankSupervision/BSCreditInstitution/BSCIRegisters/index.htm) ✔, with the list of EEA credit institutions providing services in Bulgaria on the same page ✔; register of financial institutions under Article 3a of the Credit Institutions Act (https://www.bnb.bg/RegistersAndServices/RSFIRegister/index.htm ✔); registers of payment institutions and e-money institutions (https://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm ✔). Licence — Credit Institutions Act, Article 13(1); deposit-taking — Article 2(5) ✔.

Check in your country — Your bank must tell you, in its terms and on its website, which out-of-court body handles payment disputes. For other financial services, look for the national financial ombudsman or the consumer protection authority. For a dispute with a provider in another EU country, the European Commission's FIN-NET network of out-of-court bodies can point you to the right one ✔ (FIN-NET helps customers resolve cross-border disputes out of court; members in most EEA countries — https://finance.ec.europa.eu/consumer-finance-and-payments/retail-financial-services/financial-dispute-resolution-network-fin-net_en, opened 21.10.2026). The register of licensed banks is on the website of your banking supervisor (usually the central bank).

Myth → truth

• Myth: "Once the bank says no, it's final."
• Truth: you have the right to a written answer within a deadline and to an outside review. A dispute can also be settled out of court, free of charge.

Who profits? Whoever writes things down, keeps the documents and knows the steps. The bank profits from silence — so we break it.

→ Continue at the source

• EU — Directive (EU) 2015/2366 (PSD2), Articles 101–102: https://publications.europa.eu/resource/celex/32015L2366 ✔
• Example: Bulgaria — BNB, Conciliation Committee for Payment Disputes (in Bulgarian): https://www.bnb.bg/PaymentSystem/PSPaymentDisputes/PSConciliationCommission/index.htm ✔ (opened: the committee is at the CPC, independent, and the procedure is not a precondition for going to court)
• Example: Bulgaria — CPC, types of conciliation committees (in Bulgarian): https://kzp.bg/bg/koi-sa-vidovete-pomiritelni-komisii ✔
• Example: Bulgaria — Payment Services and Payment Systems Act, Articles 174–180 (in Bulgarian): https://kik-info.com/normativna-baza/zakoni/zpups/ ✔ (consolidated text by a commercial publisher)