Can you guess how many of us switched current accounts last year?

Clue: Over 4,500 accounts were switched in the first half of 2013.

FIGURES WERE RELEASED today showing the number of people who switched their current accounts under Central Bank’s Switching Code in the second half of 2013.

They showed that 9,833 consumers switched in the second half of last year compared to just 4,516 in the first half.

Overall 14,349 customers switched their current accounts to a new credit institution in 2013.

Director of Consumer Protection, Bernard Sheridan, said:

Factors which appear to be influencing the choices that consumers are making include: changing fees and charges; service issues; and announcements regarding the withdrawal of current account providers from the market.

Switching Code

All credit institutions providing current accounts in Ireland are subject to the Switching Code, which was introduced by the Central Bank in October 2010.

Its purpose is to make the process of switching current accounts easier and quicker.

The Switching Code sets out mandatory procedures that must be followed by credit institutions when a consumer decides to switch their current account from one credit institution to another.

Here’s the steps:

Once you select a new credit institution, it must provide you with a switching pack which sets out a description of all current accounts being offered by the institution as well as a step-by-step guide to switching.
The new credit institution should also agree a switching date with you for the switching process to start (ideally at a time in the month when there is least activity on the account).
The new credit institution will ask you to fill out an account transfer form and will then forward the completed form to your old credit institution to help make the switching process smoother.
Finally the new credit institution must ensure that your new account is up and running within 10 working days of the agreed switching date.

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