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June 27, 2012

New bank account switching rules: changes to EFT Code

Changes implemented by the Australian Payments Clearing Association (APCA) effective from 1 July 2012 will enable consumers to approach their new financial institution to commence a switch of their direct credits and debits from their old to their new financial institution through a 'single signature' (as recommended by the Final Report of the Fraser Review on Account Portability, entitled Banking services: cost-effective switching arrangements delivered in August 2011).

The previous institution is obliged to provide a list of the customer's regular direct debits or credits made from/to their old transaction account in the past 13 months.

ASIC has released new guidelines to support the reforms.

ASIC has updated both the Electronic Funds Transfer Code (EFT) and the new ePayments Code which will succeed the EFT Code from 20 March 2013.

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Posted 27th June 2012 by David Jacobson in Financial Services, Web/Tech