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Switch banks with one signature

22/08/2011

Bank customers wanting to switch banks accounts will be able to do so with one signature from July 1 next year.

The move follows former Reserve Bank Governor Bernie Fraser's investigation into ways of making it easier for customers to switch banks.

Mr Fraser has recommended a new process be adopted whereby the bank taking on the new customer is required to sort out transfer of salary and mortgage payments and direct debit of electricity, gas and other bills.

Treasurer Wayne Swan said "This is all about taking the headache out of switching bank accounts so you can more easily walk down the road if there's a better deal on offer for your hard-earned savings.”

Source: The Daily Telegraph



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