Interesting view from a government group on something we Banks consider private space.

Group looks at obstacles to switching bank accounts | info-europa

The European Commission* is to create an expert group on customer mobility in relation to bank accounts. In particular, the group will identify any legal, administrative or other obstacles that customers encounter when opening, closing or switching bank accounts at both domestic and cross-border level."A bank account is often a prerequisite to accessing a whole array of other financial products, such as loans and investments. Most customers get these services from the bank where they have their bank account. So for customers to have access to the best products, they need to be able to switch bank accounts easily. However, in practice customers often face difficulties when they try do so", said Internal Market and Services Commissioner* Charlie McCreevy.

Goverments are becoming more pro-active in consumer support, but the concept that Bank accounts are a citizen right is downright fascinating.

"A bank account is often a prerequisite to accessing a whole array of other financial products, such as loans and investments. Most customers get these services from the bank where they have their bank account. So for customers to have access to the best products, they need to be able to switch bank accounts easily. However, in practice customers often face difficulties when they try do so", said Internal Market and Services Commissioner* Charlie McCreevy.The group will identify any legal, administrative or other obstacles that customers encounter when opening a bank account cross-border or switching banks both at domestic and cross-border level, such as the cost of opening, maintaining and closing a bank account, direct switching costs, and others. It will then provide the Commission with advice on how the identified obstacles should be addressed.

The possibility to switch bank accounts cross-border will become even more important in January 2008 when the first Single Euro Payments Area signs are to materialise.

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