Changing your bank

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• Background to new rules
• Which bank does what?
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It’s now easier to change banks!

Since November 2009 it should be easier for you to change your bank account from your current bank to another bank (if both are in the same country). In principle, all you have to do is make a request to your new bank:

• this bank will then help you through the switching process
• all your standing orders and direct debits will be transferred to the new bank
• you can even decide to keep your old account open.

For the specific arrangements in your country, see the EBIC website.

Tell us your experience of changing banks.

Background to the new EU rules on changing banks

EU proposals

In 2007, the Commission asked the EU banking industry to make it easier for consumers to move their account from one bank to another in the same country.

For details of why, see:

• Initiatives in the area of retail financial services (Staff working document, SEC(2007)1520)
• A single market for 21st century Europe (Communication, COM(2007)724 final)

Banking industry response

Division of responsibilities between the banks

Your new bank will be your main contact – once you tell them you want to switch your bank account, they’ll tell you everything you need to do.

Once your new account is opened, the new bank will:

• liaise with the old bank, to ensure the smooth and rapid transfer of your recurrent payments to the new current account
• help you inform your main payers that you’ve changed your current account
• help you close your old account (if you want to) and transfer the remaining balance to the new one.

What if you have problems changing?

If you had problems switching and couldn’t resolve them with the banks involved, you can make a complaint to the out-of-court dispute resolution scheme in your country.

This should help you find a solution.

Archives

More information on the work by the Expert Group on Customer Mobility in relation to Bank Accounts