Four steps to switching banks

Switching bank accounts to a new bank is easier than it has been in the past, but can still be a complex process. ASIC and the banking industry association APCA have produced guides to account switching and both recommend customers view it as a four step process.

Firstly, open the new account at the new institution. When that is done, ask your old bank for a list of all your regular direct debits and credits. It will give you a list of your automatic payments from the last 13 months although you may be charged a small fee for this service.

Then take that list to your new financial institution who will help you re-establish those payments on the new account.  After you are sure all your automatic payments have been updated to your new account, you can safely close your old account.

ASIC suggests keeping the old account open for a while to ensure that all debits and credits are closed or transferred.

Source: Courier Mail

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