09/08/2012
The new transfer system for managing retail customer account-switching is working well, the head of the Australian Payments Clearing Association, Chris Hamilton, says.Since July 1, customers have had the option of authorising their new financial institution to manage the transfer of direct debit and direct credit arrangements from their old institution on their behalf. Under the new rules the task of transferring direct entry arrangements from one financial provider to another passes from the customer to the financial institution.Hamilton said use of the system was widespread, although it was too early to tell whether it was a catalyst for a higher level of account switching.Source: Banking Day
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