Code to help customers switch bank accounts quickly ‘has been a success’

THE Irish Bankers’ Federations (IBF) has claimed its code to allow consumers switch bank accounts quickly has been a success with 17,000 individuals moving accounts between institutions last year.

In a report drawn up by former telecoms regulator Etain Doyle, the IBF claims its code has seen up to 2,000 people per month switch accounts. However, the number of personal current accounts switched was just 0.5% of the total.

But the IBF claims this was “a good start” and that there is a much higher level of switching between banks outside of the code.

The switching code was drawn up the country’s leading banks and building societies to make it easier for consumers to change banks.

The report shows 55% of those who switched believed the process was “fairly easy or very easy”, with 29% believing it was difficult.

Reasons given for switching were a better deal on interest and fees and unhappiness with service from existing institutions.