This is envisaged by the draft law proposed to the government for consideration. It concerns the obligation of payment service providers (banks and other financial organizations) to ensure access to and the possibility of comparing fees and changing payment accounts for basic services. It refers to transactions to receive income or social benefits, to pay bills and taxes, and to purchase goods and services.
The proposed rules would allow consumers to choose the most favorable terms and change existing accounts within the same or different providers. The draft prescribes requirements for transparency of fees associated with account changes. Penalties for their violation are envisaged: from 90 to 120 c.u.u. – for an official, and from 100 to 500 USD. – for a legal entity.
In order to speed up and secure the process, the supplier will be obliged to change the account on behalf of the consumer. This will be done through cooperation between suppliers and consumers. The suppliers’ responsibility for each financial loss of the consumer (additional fees, penalties, etc.) is prescribed.
It is also defined that accounts with basic services should be provided free of charge or for a reasonable fee. It is proposed to prescribe a set of services for a basic account and set the level of commissions for different categories of consumers, dividing them into vulnerable and non-vulnerable.
The NCFM will be responsible for overseeing compliance with the new requirements. Consumers or consumer associations will be able to file complaints with the Commission and use out-of-court dispute resolution mechanisms.
Providers have one year to implement the new rules. The authors propose to put the main provisions of the draft into effect twelve months after the publication of the law, except for the service of changing the payment account. Two years are given for its preparation. Some of the provisions will be applied after Moldova joins the EU.
