Switching Banks Is Easy One Of The Biggest Barriers

switching banks is easy one of the biggest barriers facing customers wanting to switch banks has been to re-establish reoccurring payments s

Switching Banks is Easy
One of the biggest barriers facing customers wanting to switch banks
has been to re-establish reoccurring payments such as direct debits,
automatic payments, direct credits, bill payments and other electronic
credits.
Payments NZ has industry standards and protocols in place around the
transfer of accounts and reoccurring payment instructions from one
bank to another. The standards and protocols ensure that reoccurring
payments are quickly moved from a customer’s old bank to their new
bank.
Payments NZ, working with representatives from ANZ Bank, ASB Bank,
Bank of New Zealand, Citibank, Kiwibank, HSBC Bank, TSB Bank and
Westpac New Zealand Limited, developed these standards and protocols
to make it easier and faster for customers to switch banks in New
Zealand.
How it works
For a customer switching banks and wanting the reoccurring payments to
remain as scheduled, they simply:
1.
Talk to the new bank. They will provide you with a Switching Bank
Request Form
2.
Complete the form and give it to your new bank. The form asks for
the;
*
old bank’s name and your account name
*
old bank account numbers
*
date to start the payments transfer
*
a signature for an authority and indemnity
The banks will identify and transfer all of your reoccurring payments.
The new bank will manage the entire switching process and the account
will move from old bank to the new bank along with all of the
scheduled instructions.
Switching banks is safe, easy and fast - five business days. This is
the fastest switching in the world.
The industry standards and protocols for switching banks include the
banks agreement on:
*
A timeframe of five business days to complete the switching
process between banks.
*
A common switching form and authority to re-establish customer
payment instructions by the new bank
*
A dedicated team at each bank for processing customer account
switching requests
These industry standards and protocols limit the obstacles to
switching banks and ensure a more transparent and openly competitive
market.
Payments NZ Ltd
As an independent, non-competitive organisation overseeing payment
systems; Payments NZ helps ensure the best interests of all
stakeholders are considered in the evolution of payment system
improvements. Payments NZ’s dedication to collaboration, partnerships
and ensuring a level playing field in a fast-moving industry is
critical to achieving a cohesive and sophisticated payment system.
http://www.paymentsnz.co.nz