The UK’s Payments Council has announced that the UK’s 7-day account switching service will begin on 16 September.
Almost 100% of the UK current account marketplace made up of 33 bank and building society brands will take part in the new service.
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The scheme has been fronted with a £750m investment from the UK Payments Council, a voluntary organisation responsible for proposing policy changes and transparency in UK transactions.
Under the new system, it will take seven working days for customers to switch a current account from a bank or building society, the Council says.
Banks signed up to the scheme include Barclays UK, the RBS Group, Bank of Ireland, Santander UK, The Co-operative Bank and Lloyds Banking Group.
Each of these providers will display a ‘Trustmark’ logo in their branches, websites and leaflets to indicate they are signed up to the service.
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By GlobalDataThe facility lets customers choose the date of the switch, handles outgoing payments and incoming deposits, and transfers deposits from the old accounts.
The switch will also guarantee payments that are accidentally made into the old account will be automatically redirected for a period of 13 months, with senders being sent the new account details.
If anything goes wrong during the switch, the Payments Council promises to refund any loss interest or charges that were made to the customer.
Payments Council CEO, Adrian Kamellard, said: "The new service will ensure customers receive a clear and consistent standard level of service so that anyone who wants to switch their provider can be confident about what will happen, and when."
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