Bank Account News

BBA: Switching current accounts is easy - 26/11/2007

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The British Bankers' Association (BBA) has claimed that it is easier than ever to switch current accounts.

Although changing financial services provider has never been a difficult process, spokesperson Brian Capon remarked that the ability to access current accounts on the internet at all hours of the day may have increased the ease of the endeavour.

The most important thing to consider when switching current account provider is timing, Mr Capon stated, pointing out that it makes sense to switch just after the payment of a monthly salary has been made to give the employer enough time to inform payroll of the change.

"It is quite easy to transfer an account, but the key thing is timing," he said.

The BBA spokesperson explained that it is possible to specify a date on which the current account switch will take place and that consumers should ensure this is based on sound planning.

He added that the new bank will probably make the process of migrating as easy as possible and customers may find they only have one or two forms to sign before the provider is able to organise everything on their behalf.

According to the Financial Ombudsman Service, complaints about the process of switching current accounts have risen by 50 per cent since last year.

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