Account switching reforms come into force

29/06/2012

From 1 July 2012, it will be easier for you to move your everyday transaction account from one financial institution to another. Here's how the new arrangements will work:

You contact the financial institution you would like to move your everyday transaction account to.

You can ask your new financial institution to contact your old financial institution to get a list of all your regular direct debits or credits made from/to your old transaction account in the past 13 months.

You decide which regular direct debits or credits you would like to switch to your new transaction account, with the help of your new financial institution.

You sign a single form that authorises your new financial institution to provide all of the relevant organisations with your new account details.

Source: AustralianBankingReforms.gov.au