Payment account and payment account switching
Consumers have opportunity to switch their bank account free of charge.
Upon a consumer´s request, is new bank empowered, without further action by the consumer, make an overall transfer of the payment account. The application for switching a payment account is filed with a new bank to which the consumer wants to transfer his payment account. The application for switching a payment account allows consumer more easily inform direct debit payees (e.g. telecom operators, gas suppliers, electricity) or payers making incoming credit transfers to the consumer's payment account (e.g. employer). The application consists of other details of the consumer's new payment account like relevant the dates from which new payment account is fully functional. By submitting the application, a new bank is required to send the application for switching a payment account to an old bank, which is then obliged to send these legally required documents and to fulfil legally imposed steps to switch a payment account. The aim is to simplify and make the switching of payment account clearer, eliminate the administrative and financial burden and increase consumer mobility.
The fast, secure and free switching procedure allows consumers to take advantage of the best deals on the market and simply replace existing payment account with the new one - with the greatest benefits. Also standard account and basic banking product can be switched. This procedure contributes to transparency and efficiency of the switching and, in particular, to the protection of consumers in the financial market.