The Payments Council has published its Current Account Switch Guarantee and Trustmark, designed to provide reassurance and confidence to customers when switching their bank accounts.
The Guarantee and Trustmark outline six key principles which current account providers must adhere to as part of the new Current Account Switch Service due to be launched in September this year.
Under the new service, all providers will be required to take no longer than seven working days to process a customer's current account switch and display the Trustmark in all advertising literature alongside an eye-catching logo.
The current process can take between 18 to 30 days.
The Guarantee and Trustmark list the following principles which banks and building societies must provide to consumers:
Adrian Kamellard, chief executive of the Payments Council, said: "Giving customers the confidence to switch current accounts is one of our main goals and the new Guarantee and Trustmark launched today should really help achieve this regardless of whom you switch to or from.
"It sets out in simple terms what you should expect and how long it will take, with the added peace of mind that should anything go wrong your new current account provider is responsible to you for putting things right," he said.
Find out how to choose the best bank account by reading our guides to help you open and manage your bank account What is a Direct Debit? Bank Accounts – Key Factors to Consider
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