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The Australian government has been threatening to make it easier for customers to switch banks and have announced their solution goes live today.
I don't know about the timing, seeing nearly everyone has done a runner and switched their money to mainly Commbank, Westpac and National for some reason, that is except those thousands with their funds frozen in other bank owned investment vehicles.
The press release from Wayne Swan.
Today the Rudd Government is pleased to announce a package of measures to make it easier for Australians to switch banks if they are not satisfied with their current provider.
This shows how determined we are to make the banking system work for Australian families and not against them.
There are currently too many administrative and other obstacles Australians confront if they want to change banks, and we are addressing that.
That's why we have developed these four bank switching initiatives after intensive consultation with regulators, banks, credit unions, building societies and consumer groups, which includes:
Implementation will begin immediately, and all aspects of the switching package will be finalised by November 2008.
This means the listing and switching service will be operational in the coming weeks, in an interim form that involves banks providing written advice and support until IT systems allow full implementation by November 2008.
That'll teach 'em..
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