Switching banks less of a burden

A new government-backed switching service offered by all banks, credit unions and building societies means that consumers looking to refinance are in for an easy ride.

So claims the Daily Telegraph, which has explained that bank account customers can now take advantage of services that make it much easier to re-establish payment arrangements once they have move to another supplier.

Under the new scheme, old bank account providers pass on transaction details going back 13 months to the new bank, which can then set up active payments automatically, without the customer needing to lift a finger.

“The switching services are expected to promote competition by encouraging consumers to shop around for the transaction account that offers the best value for money,” said Australian Securities and Investments Commission chairman Tony D’Aloisio.

According to the group, switching bank accounts can result in considerable savings.

It advises Aussies that because new bank account offers come out every day, it is vital that people shop around for the best deal.ADNFCR-1761-ID-18868134-ADNFCR