If you've been putting off switching bank accounts because you're worried it'll be a difficult task, don't be. It's easier to switch than you may think, and your bank actually does most of the work for you.
Here are the three basic steps involved with switching bank accounts:
Before you can switch your account, you first need to find a new account to switch to. Here's what to consider when choosing a new account.
The Australian government banking reforms that became active from 1 July 2012 made it very easy to change banks. All you have to do is choose the financial institution you want, whether it be a bank, credit union or building society, fill out one form and the institution will do all the work for you.
The bank will contact all the institutions you have automatic debit and credit arrangements with giving them your new transaction account details.
Once you have shopped around and found the bank you want to work with, ask them to help with the switch. When contacting your new bank for help, the bank will need a 13-month transcript of direct debits and credits from your previous bank.
The 13-month list will be given to you by your new bank so you can choose what debits and credits you would like to transfer over to your new bank account. If you have trouble, just ask your new bank to help you.
The following items will not be included on the 13-month list:
Once you've opened your new account, don't forget to close the old one. Although the old account may have no money in it, the bank could still charge you account keeping fees. Close your old account once you have:
Closing your old account is a relatively hassle-free process. Normally you will have to visit a branch to close the account.
| Response | |
|---|---|
| 13+ yrs | 35.4% |
| 1-3 yrs | 23.27% |
| 4-7 yrs | 21.2% |
| 8-12 yrs | 12.04% |
| Less than 1 year | 8.09% |
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