Overdraft facilities
Article 24
1. Where a credit has been granted in the form of an overdraft facility, Member States shall require that the creditor, throughout the duration of the credit agreement, keeps the consumer regularly, at least once per month, informed by means of statements of account, on paper or another durable medium specified in the credit agreement, containing the following elements: (a) the precise period to which the statement of account relates; (b) the amounts and dates of drawdowns; (c) the balance from the previous statement, and the date thereof; (d) the new balance; (e) the dates and amounts of payments made by the consumer; (f) the borrowing rate applied; (g) any charges that have been applied; (h) where applicable, the minimum amount to be paid by the consumer. 2. Where a credit has been granted in the form of an overdraft facility, Member States shall require that the creditor informs the consumer, on paper or another durable medium specified in the credit agreement, of increases in the borrowing rate or in any charges payable, in good time before the change in question enters into force. By way of derogation from the first subparagraph, the information referred to in that subparagraph may be given periodically in the manner provided for in paragraph 1 where the following conditions are fulfilled: (a) the parties have agreed on such periodical information in the credit agreement; (b) the change in the borrowing rate is caused by a change in a reference rate; (c) the new reference rate is made publicly available by appropriate means; (d) the information concerning the new reference rate is also available: (i) at the premises of the creditor; (ii) where the creditor has a website, on that website; and (iii) where the creditor has a mobile application, via that mobile application. 3. Member States shall require the creditor to notify the consumer in an agreed manner of each reduction or cancellation of the overdraft facility at least 30 days prior to the day when the actual reduction or cancellation of the overdraft facility takes effect. 4. Where the overdraft facility is reduced or cancelled, Member States shall require that the creditor offer the consumer, before the enforcement proceedings have been initiated, at no additional cost, the possibility to repay the amount actually drawn down to the extent of that reduction or cancellation. Such a repayment shall be made in 12 equal monthly instalments unless the consumer chooses to repay earlier, at the borrowing rate applicable to the overdraft facility. 5. Member States may maintain or adopt more stringent provisions on matters related to the protection of consumers holding an overdraft facility other than those referred to in this Article, in accordance with Union law.