1 in 8 switchers yet to decide on new banking provider

The latest round of research from the Consumer and Competition Protection Commission found that just over half of consumers who have their main account with one of the departing banks have opened a new account elsewhere.

The latest research found that 60% of consumers reported challenges in switching, with the transfer of direct debits and payments the most commonly cited challenge.Of the consumers who had already switched banking providers, just over a quarter said the availability of a local bank branch was the main reason for choosing their new provider.Having a previous or existing relationship with a bank was also an important factor cited by around one in four.

"We're very glad to see that most consumers have taken some action towards moving their current account, however we would strongly encourage consumers to try and complete the process as soon as possible so they don't experience any banking issues over the Christmas period," Kevin O’Brien, CCPC Commission Member said.

Source: Financial Digest (financialdigest.net)

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