Planning to switch your current account to another bank?
Local commercial banks (namely APS Bank Ltd, Banif Bank (Malta) plc, Bank of Valletta plc, HSBC Bank Malta plc, Lombard Bank Malta plc and Volksbank Malta Ltd) have adopted a Code of Common Principles for Bank Account Switching, pursuant to the publication of these Principles by the European Banking Industry Committee (EBIC), and their endorsement by the European Commission, in December 2008.
The Common Principles ensure that switching of domestic personal current accounts is not onerous to consumers and that their mobility shall not be constrained by any unnecessary delay or cost, or by lack of support from their banks. The Common Principles also increase customers' awareness of the switching-related services they can expect, and aim at reducing consumers' apprehensions with respect to bank account switching.
The Common Principles lay out that:
Banks will provide consumers who want to switch their current account to another bank with clear and complete information.
'New' and 'former' banks commit to facilitating smooth and timely switching, notably as regards recurrent incoming and outgoing payments related to a current account. Conditional on the involvement of third parties, 'new' and 'former' banks commit to completing their assigned tasks within 7 working days.
The consumer can use the 'new' bank as the Primary Contact Point during the switching and in order to arrange the transfer of relevant information from the 'former' bank.
The 'new' bank offers to inform creditors on behalf of the consumer on the changed account details
Consumers will have free of charge access to relevant general and personal information readily available at banks. Fees linked to another switching-related services (if any) will be transparent and in line with costs involved.
Moreover, consumers who have a complaint about participating banks' compliance with these Principles shall have access to the Consumer Complaints Unit within the Malta Financial Services Authority.
Have you switched your current account lately?
With the rules on bank account switching having been in force for almost a year, the European Commission would now like to hear from consumers on how switching of a current account works in practice.
The Commission has an on-line feedback form in the official EU languages. From feedback and comments made directly by consumers who have recently switched bank accounts, the Commission would be able to assess how the banking self-regulatory principles are being applied in Malta (and in all other Member States).
The on-line feedback form is available at http://ec.europa.eu/internal_market/finservices-retail/mobility/switching_feedback_en.htm with the possibility to choose the language of the form via a drop-down menu on the page.
The on-line feedback form is also available in Maltese:
The information which you provide the European Commission will be treated in strict confidence. Last updated: Sep 07, 2016