Scheme takes the hassle out of switching
Consumers who are unhappy with their bank account provider can now vote with their feet a little more easily.
Such is the claim of the Sydney Morning Herald, which has noted that the new government guidelines for changing bank accounts will make the process a lot easier for many.
It pointed to research showing that in the past, Australians have been loath to change bank accounts because of the hassle involved in setting up direct debits and similar payments all over again.
However, the new rules force bank account providers to cooperate to make sure that all existing payments are passed over smoothly, taking some of the stress out of switching.
The Australian Payments Clearing Association predicts that only around three per cent of people move banks over the course of a year, although this proportion may now rise dramatically.
Customers can also lodge a complaint with the ombudsman if their bank fails to play ball during the switching process.