"Tick and flick" scheme to make it easier to switch bank accounts

Treasurer Wayne Swan has asserted that the new "tick and flick" service will make it easier for Aussies to change the provider of their bank accounts and debit cards.

The scheme was announced by the federal government and will mean that people will no longer have to change all their details when they switch their financial services provider, reports the Australian Associated Press.

Mr Swan suggested that the initiative will "take the headache out of switching bank accounts" and that it will make it easier for those searching for savings accounts with the best rates.

"This initiative will give consumers the power to easily switch to another bank, building society or credit union if their existing institution isn't providing good value and service," he commented.

Industry and consumer groups are working with the Treasury to develop the scheme, which is set to be introduced on July 1st 2012.

Debit card customers have more branches to choose from when they want to make changes as recent figures from the Australian Prudential Regulation Authority revealed the number rose from 4,800 in 2001 to 5,588 this year.

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