Switching bank accounts got much easier in July – just walk into a new bank, give them your old account details and they’ll get a list of your direct debits and credits then you can decide which ones to move with you. Done.
We have already written about the best bank accounts – now is the time to switch if you’re not 100% happy with your bank.
Here’s how the Australian Banking Reforms website explains the new switching arrangements:
You contact the financial institution (bank, building society or credit union) you would like to move your everyday transaction account to.
You can ask your new financial institution to contact your old financial institution to get a list of all your regular direct debits (like your regular gym membership, regular utility payments) or direct credits (like your salary) made from/to your old transaction account in the past 13 months.
You decide which regular direct debits or direct credits you would like to switch to your new transaction account, with the help of your new financial institution.
You sign a single form that authorises your new financial institution to provide all of the relevant organisations with your new account details.
This initiative gives consumers the power to easily switch to another bank, building society or credit union if their existing institution isn’t providing good value or service. It will take the headache out of switching transaction accounts, assisting consumers to seek out the best deal.
Not happy or paying monthly account charges? Switch.
Note: credit card reforms also come into force on 1 July.