Do you want to switch your everyday banking to another financial institution but think it’s too much of a hassle because you have regular payments set up on your transaction account? From 1 July 2012, switching became easier than ever. Your new financial institution will help you switch all your regular direct debits and credits from your old account.
All you have to do to get started is choose a new financial institution and open an account. Your new financial institution will:
- Ask you whether you have any direct debits or credits set up on your old account
- Arrange to get a list of all your regular direct debits and credits from your old financial institution.
- Ask you whether you would like to cancel any of your direct debit arrangements.
- Get you to sign a form so it can switch your direct debits and credits
- Notify your billers and payers of your new account details and ask them to let you know when they have made the necessary changes.
Your new financial institution can even help you with any other regular payments you might have on your old card number or that you have set up through internet banking. Switching has never been easier.