People with low incomes get bank accounts for free

People with low incomes will be given the right to have a banking account with basic functions for free as of next year, while those with the monthly income exceeding €400 will have it for €3 per month, Prime Minister Robert Fico announced after the Government meeting on Wednesday. Finance Minister Peter Kažimír will ensure people have enough information on what they're entitled to, stated PM Fico. According to Finance Minister Peter Kažimír the account will have as many functions as possible. "It includes the collection of money from ATMs, all cash and cashless operations, payments of household bills, standing orders, operations at bank counters, internet banking and a debit card", said Kažimír. "I view it as a revolution in banking fees", the minister continues, adding that a person will be able to enjoy these conditions if they have only one account. This new account is being introduced based on an agreement in the European Parliament. "So it means that the legislation is coordinated in all EU member countries", added Finance Minister Kažimír.