The smart choice for self-employed professionals

News

• All News
•  
• General News
• Taxes & Legislation
• Operational Updates

Ask A Question

Title*

Forename*

Surname*

Your Question*

Email Address*

 

Switching to become easier

17.06.13

Have you ever had to wait up to a month to switch your current account from one bank or building society to another? Well from September 2013, it will take a maximum of seven working days thanks to a new initiative by the Payments Council.

"It [the scheme] sets out in simple terms what you should expect and how long it will take, with the added peace of mind that should anything go wrong your new current account provider is responsible to you for putting things right," said Adrian Kamellard, Chief Executive of the Payments Council.

All the major banks have already signed up for the completely free service, aimed to give customers a hassle-free experience should they choose to move from bank to bank. Also, for thirteen months, it will also ensure that all payments accidentally made to the old current account are automatically transferred to the new one.

Perhaps the best benefit of the scheme, however, is that the new bank in which your current account is held will be responsible for re-arranging any direct debits going out and any payments coming in. Also, if anything goes wrong during the switch, any lost interest or charges will be refunded.

"Although the service will make life simple for customers, delivering it has involved massive systems changes both centrally and within individual financial institutions. This project, along with the national advertising campaign to raise awareness of the new service, represents an investment of more than £750 million," added Mr. Kamellard.

Banks offering the service will start displaying a new logo, which guarantees their participation when it launches in September.

<< Back to All News