As a result of an obligation of the Czech Republic to incorporate EU Directive No. 2015/2366 of 25 November, 2015, on payment services on internal market amending Directives 2002/65/ES, 2009/110/ES a 2013/36/EU and Regulation (EU) No. 1093/2010 and invalidating Directive No. 2007/64/ES, a brand new Payment System Act has been approved. The above Directive aims to unify the payment method conditions on the internal market of the European Union and increase the credit/debit card payment security.
One of the most significant changes introduced by the new act is explicit adjustment to blocking of funds in a bank account – as there are no laws dealing with the issue, situations, when banks block financial means in an account of a client when ordered by a business (e.g. hotel room bookings, car rentals etc.) without the client’s consent, are not uncommon. Newly, an expressed consent of a client will be needed to perform such an operation, and a possible difference between the paid and blocked amounts will have to be released immediately by the bank.
A strong payment verification, which is already required by many banks, is to become obligatory; it is a procedure consisting of two steps, e.g. login data and fingerprints.
Yet another positive aspect of the new act is a decrease of bank card user’s participation in unauthorized transactions if their cards have been stolen or misused in another manner from the current EUR 150 to EUR 50, which equals approximately CZK 1,300.
The new act becomes effective on 13 January 2018.
