Switching reforms make changing banks easy

26/06/2012

From next Sunday, instead of requesting a list of regular debits and credits from their 'old' financial institution, Australians can let their 'new' one do the work for them, allowing the new transaction account to be more easily established.

Specially commissioned research has shown there's significant consumer support for switching accounts, which only increases when red tape is cut.

Independent research from Roy Morgan found one in five Australians are likely to change financial institutions in the next year, rising to almost 50% of people if the effort to make the switch was reduced.

Source: Abacus