The European Union's executive body gave banks a last chance on Monday to make it easier for everyone to open a cheap basic account anywhere in the 27-nation bloc, Reuters reported. The European Commission said about 30 million people over 18 years old in the EU do not have a bank account, with 6-7 million turned down because of poor credit history, no proof of income or failing to meet residency requirements. The Commission said it had approved a non-binding recommendation for member states to crack down on restrictions used by banks as an excuse to reject account applications. "This recommendation does not state that payment service providers will have to accept any application from an individual in any case -- it focuses on what is strictly necessary to enable consumers to use payment services," the Commission said. "It will assess the situation in one year's time and propose any further measures as necessary, including legislative measures," the Commission added. The Commission said consumers should be able to open a basic bank account at an unspecified reasonable charge irrespective of where they live or their financial circumstances. It only covers people who are legally resident in the EU and need an account for personal but not business or professional use.
