Wouldn’t it be nice if we could change our bank accounts as easily as we can change telephone provider? Many of us have no doubt fallen victim to problems which have arisen due to poor service from our telecommunications provider and after an array of emotions from patience to utter frustrations have decide to make the switch. It’s generally a very easy process as our phone numbers come across with us; but this doesn’t occur if you want to change banks and move your accounts. One of the biggest deterrents from changing banks must certainly be that your account number changes and therefore you are obliged to notify any links to the account of your new account number.

Ideally it would be more beneficial for customers to keep any account ID and have it transportable to any financial institution. Until then……let’s have a look at what services banks provide and how we can switch from bank provider.

What services do banks provide?

Banks offer a number of services for individuals and businesses which include:

  • Savings accounts
  • Checking accounts
  • Debit cards
  • Credit cards
  • Cash management services
  • Digital banking
  • Personal Loans
  • Variety of home loans
  • Business loans

These are significant and vital services and we are certainly living in the day and age where these financial services are imperative in managing our lives and our financial strategies. All the more reason we should have more flexibility.

What do you need to do to switch financial provider?

  • Firstly – open a new bank account with the features that work for you with a provider that will give you the customer service you deserve
  • Make a list of your monthly expenses – Take note of any direct debits coming out of your account. Eg. Utility bills, loan payments, health insurance
  • Redirect your income – salary, pension, social security benefits, annuity income, dividends etc.
  • All your new direct debits and credits may take a little time to go into your new bank account as administrators needs to change account details in their systems. Keep some money in your old account until you are sure all payments are going in and out of your new account smoothly
  • Finally – close your old account. You should be able to either write a letter, call or go into your bank to manage this transaction. It’s important it is closed so the bank doesn’t produce any more statements or charge any fees.

It all seems quite laborious in this tech savvy environment; however at this stage until there are industry changes to use a Telco style arrangement to switch bank accounts we are forced to use this method.

You should be able to switch bank accounts as easy as changing phone provider and without delay. Let’s consider a future where our account ID remains with us no matter what provider we choose and that switch is not delayed by red tape and avoidance or penalties apply for the financial institution.

Banking is a service industry after all, so take advantage of better offers. Should you have any questions in regard to better banking please speak to one of our financial advisers or mortgage brokers. We are committed to working with you for your best interests.