New Bank Switching Program Begins

Back in September, we pointed out that a new system to make it easier to switch banks (by speeding up the transfer of automatic payments) was in development. That scheme goes live this week, so if you’re looking for a better deal from your bank, the process should be a bit less painful. As Karen Dearne confirms at AustralianIT, the process still isn’t automated — you need to transfer a printed list of payments from your old to your new bank — but at least it’s a start. Full details of the scheme can be found on the Australia Payments Clearing Association site (PDF link). To find yourself a better bank deal, check out recently mentioned Mozo.