The announcement that a new, simpler bank account switching service is to be launched in September 2013 was today welcomed by Alex Cunningham, Labour Member of Parliament for Stockton North.
The new Current Account Switch Service will make it easier, and quicker, for any customers wanting to switch their current account from one provider to another. The free service, which will be backed-up by a Current Account Switch Guarantee, will be available to individuals, small businesses or small charities wishing to switch.
Presently, very few people switch banks, often due to perceived hassle or fear of complications. As a result, many people miss out on the best deals. The new switching service will remove these barriers, making the switching process simpler, reliable and hassle-free.
The Payments Council has worked with current account providers across the UK, as well as the UK’s payment schemes, to design the Current Account Switch Service. Banks and building societies representing virtually 100% of the competitive current account market will offer the new service from the outset.
“I was pleased to learn of the new Current Account Switch Service and the many benefits that it will bring to consumers, small businesses and charities alike. Come September, when the service is launched, the whole process of switching banks will become much more straightforward.
“With banks undertaking such off-putting tasks as ensuring that existing payments, both in and out, are redirected, as well as speeding up the entire process to take only seven days, I hope that this new service will make for a more competitive current account marketplace where fewer people lose out on the best deals.”