Bank switching system gets go-ahead

A NEW system making it easier for small businesses to switch between banks will be in place early next year, the Irish Bankers’ Federation (IBF) said yesterday.

The switching code will be similar to the new regime brought in earlier this year for personal customers and will transfer the burden of paperwork involved in switching from the customer to the bank.

More than 500 personal customers have switched banks to get a better deal on current account and other charges since the code was introduced.