
Thirty-three banks and building societies have signed up to the Payment Council’s new Current Account Switch Service, which is designed to make switching current accounts from one provider to another “simpler, more reliable and hassle-free”.
From Monday September 16, 2013, the free account switching service will be available to consumers, small charities and – most importantly – to small businesses.- SMEs will be able to pick their own date for the switch
- It will take up to just seven working days to switch account (a major improvement on the current process which can take between 18 and 30 days)
- Existing payment arrangements (Direct Debits, standing orders, etc) will be transferred automatically from the old account to the new account
- A new central redirection service will ensure that any payments sent to, or attempted to be taken from, the old account after the switch date will be redirected automatically to the new account for a period of 13 months
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