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EBIC published its initiative for self-regulation on bank account switching. The Common Principles shall ensure that bank account switching is not onerous to consumers and that their mobility shall not be constrained by any unnecessary delay or cost, or by a lack of support from their banks.
The Common Principles will be implemented by national banking associations by
The Common Principles lay out that:
Ø Banks will provide consumers who want to switch current account with clear and complete information.
Ø ‘New’ and ‘former’ banks commit to facilitating smooth and timely switching, notably as regards recurrent incoming and outgoing payments related to a current account. Conditional on the involvement of third parties, ‘new’ and ‘former’ banks commit to completing their assigned tasks within 7 working days each.
Ø The consumer can use the ‘new’ bank as the Primary Contact Point during the switching and in order to arrange the transfer of relevant information from the ‘former’ bank.
Ø The ‘new’ bank offers to inform creditors on behalf of the consumer of the changed account details.
Ø Consumers will have free of charge access to relevant general and personal information readily available at banks. Fees linked to other switching-related services (if any) will be transparent and in line with costs.