The Sydney Morning Herald is reporting that the government will announce simple bank switching process on Sunday.
That would be a very welcome development. CFA and members including Choice have been advocating for easier ways to switch banks for some time. The current system introduced by industry under pressure from the banks in 2009 makes consumers do all the work and take all the risk. The bank’s excuse was problems in changing IT systems – maybe valid for a transitional period but not in the long term.
We hope the government gives the banks a deadline of a year or so to implement a system where consumers can switch all their accounts and all their regular payments by making one simple request at the bank or other institution they want to move their savings and credit accounts to; and we hope that the opposition and minor parties get on board if the government make such an announcement.