GREG WELCOMES A SIMPLER WORLD FOR ACCOUNT SWITCHING WITH THE LAUNCH OF THE NEW CURRENT ACCOUNT SWITCH SERVICE IN BEXHILL AND BATTLE
01.10.1. for immediate release: The Current Account Switch Service, launched on 16th September by the Payments Council, is a new, free to use service designed to make switching current account from one bank or building society to another simple, reliable and hassle-free.
It has initially launched with 33 bank and building society brands offering the new service and the accompanying Current Account Switch Guarantee, which will benefit consumers, small charities and small businesses in the Bexhill and Battle constituency, with more brands to follow in 2014.
Not only will the new service reduce the time it takes to switch accounts from between an average of 18-30 days to just seven working days, but it will also help to increase transparency and choice for customers. Importantly, the service is backed by the Guarantee, which offers protection should anything go wrong with the switch, and will give customers the confidence to switch their bank account should they wish to do so.
In the past two years, only 5 per cent of individuals in the South East have chosen to switch their current account. Despite people in the region showing willingness to switch their providers of insurance and utilities services, there has been an apparent reticence to date to switch current account provider, staying with their current bank for an average of 19 years, and 24% of those using the same bank as one or both of their parents.