Public consultation begins on the basket of basic payment services and setting its price threshold

‘The amended Law on Payments provided the Bank of Lithuania with the mandate to set the composition of the basket of basic payment services and the threshold limit to its price that banks and credit unions will not be allowed to exceed. The public consultation on this subject will last for three weeks. We plan to approve the basket of basic payment services and its price over September. We give enough time for payment service providers to prepare for changes in this area,’ said Tomas Karpavčius, Head of the Market Infrastructure Policy Division at the Bank of Lithuania.  

It is planned that the basic payment account will comprise a number of basic services. They include:

● opening of the account; 

● means for the management of the account and the electronic initiation of payments; 

● unlimited crediting of funds in euro transferred to a client; 

● unlimited depositing of cash using a method selected by the institution; 

● cash withdrawal — no less than EUR 550 per month: for bank clients — at any ATM operating in the European Economic Area, for credit union clients — using a method chosen by the credit unions;

● a payment card and payment transactions using card;

● no less than 10 transfers per month, which would comprise online payments (including utility and bill payments, e-invoice payments, transfers within the institution and to other payment service providers) and direct debit transactions. 

Credit institutions will be able to apply standard fees for services not included in the basket of basic payment services. They include, for example, transactions in foreign currency, credit transfers initiated at a branch of the institution, cash transactions in other ways than provided for, renewal of a card and identification means where it is lost through the user’s fault.

The Bank of Lithuania will renew the composition of the basket when significant changes in the residents’ payment behaviour or payment market occur, while the maximum price will be considered on a yearly basis.

The draft resolutions of the Board of the Bank of Lithuania on the methodology for setting a maximum fees, composition of the basket of services, drawing of a list of the providers of services of the basic payment account, provision of statistical information are published on the website of the Seimas of the Republic of Lithuania.

Payments