Author: Anne-Maree James-Yates

Tick and flick: Account switching is now even easier

New Government “tick and flick” reforms wilI make it even easier to switch your banking to another financial institution from July 1 writes Erina Branch Manager Anne-Maree James-Yates.

You are sick of bank fees eating into your hard earned savings and you’re unhappy with your bank’s big profits and poor service. You want to change accounts but you figure it is too hard. Sound familiar?

The reality is that it is not that hard to switch financial institutions, whether it be your home loan or your everyday transaction (savings) account. From 1 July 2012, it will be easier for you to move your everyday transaction account from one financial institution to another because of the Federal Government’s new “tick and flick” reforms.

Under the new arrangements your new financial institution can contact your old one to get a list of all your regular direct debits (such as your electricity and water bills, credit card payment or gym membership) and credits such as your salary made in the past 13 months. You decide which regular direct debits or credits you would like to switch to your new transaction account. Sign a single form that authorises your new financial institution to provide all of the relevant organisations with your new account details. Simple.

So what are you waiting for? If you’d like to bank with a financial institution that has never charged monthly account keeping fees on its everyday transaction accounts, has low fees in general, and has an independently determined customer satisfaction rating of 95.5% then talk to me or one of my colleagues at The Greater on 1300 651 400 or visit your nearest branch.

Give The Greater the tick and we’ll help you to give your old bank the flick.