Easier said than done
Indeed. For years banks have been able to treat customers appallingly, safe in the knowledge that it’s such a hassle to switch accounts that most people stay put.
Official figures suggest customers typically stick with the same bank for 26 years, while the average marriage lasts less than 12.
Why is it so difficult?
When switching accounts you also have to make sure that all your regular payments – from your salary to direct debits – are set up for your new account.
This can cause delays as the numerous companies involved – banks, utility firms etc – drag their feet, make mistakes or force customers to jump through hoops.
Why don’t banks help?
Most offer a switching service where you fill in a couple of forms and they promise to do the legwork for you – including contacting the relevant firms.
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It’s often not the hassle-free process they claim it to be, and the tortuous process can take around a month.
What’s changing?
From September, customers will be able to walk into a branch and demand for their account to be switched to a rival.
Banks will have to switch all direct debits to the account and will have to complete the whole process within a week.