New guarantee for seven-day switch of banks

THE PAYMENTS Council, the body which oversees banking payment systems, today launched a new symbol which will guarantee customers can switch bank accounts within seven working days.

The body said its Current Account Switch Guarantee and Trustmark will be used by all participating financial institutions when the new switching deadline comes into force in September.

It will promise a free swap to a new current account within the time limit – a far swifter period than the 18 to 30 days it takes now.

Customers will be able to choose and agree the switch date with their new current account provider, which will also take care of moving all payments going out and coming in. New account providers will arrange payment redirection for 13 months.