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Switching bank accounts ‘set to become easier’

Changing from one bank or building society current account provider to another is set to become easier for customers, when an overhaul of the system takes place later this year.

Under the new regime, current account holders will be able to switch banks within 7 days, compared with a current timeframe of 30 days.

While the new measures will not be mandatory, all of the major organisations have signed up to system, which will include a new trustmark and consumer guarantee.

The aim of the changes is to improve the service provided to customers and to encourage them to consider a variety of offerings.

Under the new service, which the Payments Council has described as ‘simple, reliable and hassle-free’, customers will be able to choose their switching date, and their new provider will be responsible for the transfer of all regular payments entering and leaving the account, including direct debit and salary payments.

Adrian Kamellard, Chief Executive of the Payments Council commented, ‘Giving customers the confidence to switch customer accounts is one of our main goals’.