Skopje, 2 April 2023
The National Bank released a special information brochure to inform the citizens about the possibilities for opening and using the payment account with basic functions.
In addition to the provisions that will encourage competition among the payment service providers, the new Law on Payment Services and Payment Systems, effective as of 1 January 2023, also foresees several solutions for better consumer protection. One of them is the introduction of payment account with basic functions which will enable citizens to execute payment transactions to settle their usual liabilities or transfer funds to another person’s account.
The payment account with basic functions enables unlimited number of payments and cash withdrawal and unlimited number of transactions in denars, but the so called overdraft is not allowed.
The use of this payment account is charged with a fee, but the total monthly fee should not exceed 0.1% of the moving average of the average monthly wage paid in the country in the previous 12 months. According to the latest data on the net wage in the country, published by the State Statistical Office, the current fee is around 31 denars. A group of legal rights beneficiaries will be exempted from fee (alimony, compensation for damage due to health impairments or decline in, i.e. loss of work ability and compensation for damage for lost alimony to death of the supporting spouse; compensation due to injury according to the regulations on disability insurance; social protection financial aid; temporary unemployment; child benefit, scholarship, students’ loans and grants).
The citizens may require transformation of their regular payment account into payment account with basic functions at their bank or savings house. Moreover, banks and savings houses are obliged to inform the citizens, free of charge, about the payment services and fees they charge for the use of the payment account with basic functions , for which they are obliged to submit an information document prior to concluding a framework agreement for opening the payment account with basic functions.
For more information about the payment account with basic functions visit: - Brochure on the payment account with basic functions. (available on macedonian only)
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