Account switching to get easy in 2 weeks
Banks will soon be doing the dirty work for customers wanting to switch transaction accounts, with new reforms set to kick in from July 1
Banks will soon be doing the dirty work for customers wanting to switch transaction accounts, with new reforms set to kick in from July 1.
Australian Bankers' Association chief executive Steven Munchenberg believes competition between banks will intensify as the difficulties switching are reduced.
Under the new reforms, a customer will be able to contact a new bank to open an account and they will then contact the customer's old financial institution to obtain a list of direct debits and credits over the past 13 months. The customer decides what credits and debits they want to switch across.
By signing a form, their new financial institution will provide all the relevant organisations with the customer's new banking details. It will cut out hours of work for transaction account holders.
- Register Now
- Turkey condemns NSW's genocide recognition
- Mykonos: Something to 'Crowe' about
- Greek community pays tribute to Hazel Hawke
- Fitch upgrades Greece's credit rating
- Recognising genocide
- Angelopoulos' Greek drama
- Greek men affected by crisis
- New rules for reverse mortgages
- Kastellorizian Association names their best
- Volunteerism on the rise in Greece
- 8 May 2013 | 13 Votes
- 8 May 2013 | 9 Votes
- 3 May 2013 | 9 Votes
- 15 May 2013 | 9 Votes
- 13 May 2013 | 8 Votes
- 20 May 2013 | 6 Votes
More from this Section
Historian Jim Claven tours the modern-day city and reflects on the Byzantine and Orthodox legacy.
Labor Minister Yiannis Vroutsis announced a new government initiative, to apply from January 2014, that will offer 75,000 new jobs for young people
Greek Australian owned cosmetics company 'Kroma' is taking the Kardashians to court over naming their company 'Khroma'
The Spanish coach also brings with him assistant Pau Marti to join Michael Valkanis
The schemes allowing the owners of properties that breached building regulations to protect their homes from demolition are illegal says the Council of State
Tennis ace Mark Philippoussis is facing some furry competition for the affection of his girlfriend
Learning a second and third language was at the top of the agenda in Education Week in Victoria
Two remaining Australian players in the English Premier League could be ditched by their teams
crackdown on the self-reporting loophole for illicit drug use
Bank of Sydney customers and guests gathered last week to launch their new Marrickville branch.
Greek Australian TV personality Helen Kapalos will host this year's AHEPA VCE Awards Ceremony.
Miron Bleiberg steps in as interim coach, following the departure of the 'club boy' Bill Theodoropoulos
Greek Financial Crimes Squad (SDOE) found that 25.6 percent of businesses and individuals whose books were checked for tax infringements were found to be in violation
Is Greek Easter the only time young Greek Australians make it to church? Neos Kosmos investigates what draws young parishioners.
Former Defense Minsiter Akis Tsochatzopoulos is in court over laundering kickbacks from procurement contracts
AEK Athens said it was preparing to declare bankruptcy and seek relegation to the third division
At the annual St. Constantine and St. Helen's day, Kastellorizian Association will present its 2013 VCE Recognition Award
Central Coast suffered a 3-0 defeat in China, effectively ending their ACL campaign