Free movement of bank accounts urged by CAI director

BANK customers should be able to move their accounts to another bank without charge and without having to change account numbers and details, the Consumers Association of Ireland (CAI) has said.

CAI director and financial spokesperson Eddie Hobbs said the fact that it was incredibly difficult for a customer to move accounts to another bank was one of the main barriers standing in the way of competition in the banking sector. "In other jurisdictions in Europe, you can easily move your account from one bank to another, and you can keep the same account numbers and any other details like direct debits will also stay in place," said Mr Hobbs. In contrast, banks here actively discourage this by making it complicated and awkward, he said, adding that some banks even charge a fee to close or move an account.

Mr Hobbs was speaking as the debate over the competitiveness of banks was fuelled further yesterday when