Common European principles for bank account switching
These principles are designed to allow clients to switch accounts from one bank to another with no unnecessary delays or for problems with standing orders or deposits: salaries, pensions, rent, insurance, etc.
Area of application
Applicable to transfers at national level to: Current accounts and savings accounts whose holders are private individuals and which handle standing orders and deposits.
Clients may choose the new entity as the main point to carry out the account switch.
Steps to carry out account switches: If you have already designated your new entity as the "Main contact point".
- Open a new account with the credit institution of your choice.- Your new bank will provide you with:
- A new account contract: In which the terms and conditions for the account will be established.
- Applicable fees for the services provided
- Account identification (BIC & IBAN). These identify the account number and other relevant information regarding payment from and into your account.
- Apply for your cheque book and/or bank cards.
- Transfer of all standing orders to the new account.- The new bank can be used as the "Main contact point" and as intermediary for all your dealings with your former bank.
- The Former Bank; will, upon your request, or that of your new bank, hand over a list of all your standing orders. The former bank will also, upon your request, cancel all the standing orders paid through your account.
- The New Bank; will activate all standing orders and deposits. This bank will also provide you with the standard letters informing your creditors of your new banking details for them to switch payments to the new account.
* Account cancellation should only be requested once everything else has been arranged.