Switching not always made easier
Just 23 per cent of current account providers contact a customer’s existing bank or building society to have their account shut down after they have made a switch, according to research by Defaqto.
It also found that fewer than three in ten current account providers will match a potential new customer’s existing overdraft level.
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Hide AdFour in ten providers refuse to send customers details of new direct debits and standing orders set up on their behalf, while a quarter say they won’t refund charges incurred during the switching process.
The research was published ahead of rules taking effect in September forcing banks to complete switches within seven working days, down from the current 18-day average.