Under the new rules will go to another bank for UK citizens extremely simple: the client entrusts all paperwork to the bank, which wants to convert his account - and that within seven days (or at any later date as determined by the consumer) will arrange everything. Payments that will occur in the original bank will seamlessly diverted outgoing payments switch exactly at that time, the original credit card expires and a new start paying coordinated so even new bank account switching inform the employer of his new customer. Rules foresee is the possibility of transfer account pumped with a bank overdraft.
That whole process will run normally, especially that the original bank account transfer will not put any obstacles guarantee precise rules. It even addresses and how to replace the damage that would be caused by incorrectly unsent payment. For this purpose, a special relief fund from which such damages were paid. The fund has to cover other possible damages, such as lost interest erroneously transferred funds.
New rules for converting the current account reflects the conclusions of the analysis, which two years ago, an independent commission set up by the British government. The main conclusion of this analysis was the need to increase competition among banks. The original practice is de facto tied the account holders to banks, which paralyzed the market. At the precise rules for converting the current account colluded group of seventeen banks in the UK banking market, including the five largest banks, which hold three-quarters of the market accounts. Other banks have already announced that an agreement on the transfer account accede next year. Complicated transfer accounts to another bank is perceived as a major obstacle to a competitive environment in the banking sector, the European Commission, which is considering to introduce bank account number portability, similarly as it works with mobile phone numbers.
Portability of bank accounts as a crucial step towards empowering consumers also promotes European consumer protection organization BEUC. "In the Czech Republic is Codex true mobility, which makes it easy to change banks, but the luxury of a Czech consumer can not leave only dream of. He still has to make sure all payments and inform the payer and the collecting society. The aim of all consumer associations is to allow consumers to have in any bank account number is still the same, "says Miloš gin, Legal Adviser Association dTest.
Source: tz dTest.cz
