The names of the thirty-three current account providers participating in the Current Account Switch Service have been announced by the Payments Council today.
All the companies confirmed as taking part will, with effect from September this year, be obliged to adhere to the service rules, which stipulate that a customer's current account switch must take no longer than seven working days.
Providers will also be obliged to refund any lost interest and charges on a customer's old and new current accounts if anything should go wrong with the switch, and display full details of the Current Account Switch Guarantee in their branches and marketing literature.
Chief executive of the Payments Council, Adrian Kamellard, said: "The Payments Council has worked closely with all of the financial institutions announced today to develop the Current Account Switch Service, which will make switching account from one bank or building society to another simple, reliable and hassle-free.
"The new service will deliver a significant step-change for current account switching in the UK, leading to more competition in the marketplace and greater choice for customers," he stated.
The list of current account providers participating in the Current Account Switch Service are:
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