Current account customers are set to benefit from a report from the Independent Commission on Banking’s new report which called for faster transfers of accounts and more transparency.
The report called for the changes which they hoped would put more pressure on the banks to offer better services and products for customers.
The big fear is that more customers would be encouraged to take out fee paying accounts, which cost money on a monthly basis, which they may not need, although some fee paying accounts are fantastic value for money.
Moneynet.com revealed last month that just 34% of bank account customers currently won’t switch because they think all banks are the same, and a further 29% didn’t trust the banks to transfer their accounts smoothly.
A financial analyst from Defaqto, David Black, pointed out that most banks have teams to help make the process as painless as possible.
“These staff will know the process intimately and this should ensure that, in the vast majority of cases, the switch occurs smoothly and without drama,” he said.
“Your old bank should then provide these within three working days,” he said. “If you are not happy with the switching process, you can ask your bank to chase it up. If you’re not satisfied with its response, you can complain to the Financial Ombudsman Service.”