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Bank claim: Customers can now switch bank accounts easily

Customers who wish to switch their bank accounts to rival banks will be able to do so within seven working days, according to new banking reforms.

The changes to banking were announced in Parliament by chancellor George Osborne. From September this year, Mr Osborne said that payments made into a new bank account could be done within seven working days and that customers would not be charged. He also said that he hoped to speed up the payment system for debit and credit card transactions.

These changes in consumer banking have come not long after the Office of Fair Trade reported that there was little choice in current accounts available to customers and that changes needed to be made.

As part of the banking reforms, Mr Osborne announced that taxpayers would no longer be responsible for bailing banks out if their investments fall through. Banks would now have to ring fence risky financial deals from retail banking.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801535074-ADNFCR

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