Banking: Consumers to start benefiting from easier bank account switching from November

From 1 November 2009 consumers in the European Union should find it easier to switch their current account from one bank to another within their own Member State. This improvement is thanks to a set of 'Common Principles for Bank Account Switching' which was adopted by the European Banking Industry Committee (EBIC) ( IP/08/1841 ) last year and have now been implemented in the Member states by the national banking associations. From now on, whenever consumers wish to switch their current account to another bank, the new bank will offer its assistance throughout the switching process.

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