On 28 November 2015, the German government passed a draft bill regarding a new Payment Accounts Act. Basically, the German Payment Accounts Act intends to implement the regulatory and contractual requirements of the Payment Accounts Directive (Directive 2014/92/EU). The law’s objectives are to faciliate the transparency and comparability of costs and fees related to payment accounts and the payment account switching. Furthermore, a legal right on a so-called base account shall be introduced, i.e., any credit institution offering payment services to the public shall be obliged to offer and process a base account. The Payments Account Directive shall be transposed into German law by 18 September 2016.