The Banking Supervision Department is continuing in its efforts to make it easier and more efficient for customers to switch banks in order to enhance competition in the banking system

07.12.2010

The Banking Supervision Department is continuing in its efforts to make it easier and more efficient for customers to switch banks in order to enhance competition in the banking system

On December 1st, 2010, an amendment to the Directives for Proper Banking Conduct went into effect which regulates the process for transferring standing orders in a credit card (authorizations to debit a credit card) from a customer’s old credit card to his new one, as a result of moving to a new bank or switching credit card companies. In order to increase consumer awareness, the Banking Supervision Department will initiate an information campaign in the media (the Internet, newspapers and radio).
An amendment to the Directives for Proper Banking Conduct will make it possible for bank customers to transfer their standing orders (authorizations to debit their credit card) from an old credit card to a new one quickly, efficiently and securely. In this way, the customer will be saved the need to provide the details of his new credit card to every business that he has a standing order with.
Highlights of the amendment:
	On opening an account, the customer will provided his new bank with a request to transfer his standing orders (authorizations to debit a credit card) from his old credit card to his new one.
	The new bank will provide the details of the customer’s new credit card, along with his personal details and the number of his old card, to the old bank.
	The customer’s old bank is obligated to provide all businesses, with which the customer had standing orders with, a notification regarding the cancellation of the old credit card and the details of the new one, in order that they will continue to debit the customer on his new card. As a result of the aforementioned notification, it is expected that suppliers will begin debiting the customer’s new credit card.
In order to inform the public of the amendment and in order to increase consumer awareness of their rights in this area, the Banking Supervision Department will begin an information campaign in the media (via Internet, newspapers and radio). The information campaign, which will begin on December 8, 2010, is part of the Banking Supervision’s efforts to encourage competition in the banking system through the removal of barriers and by streamlining the process of switching banks.
For further information on switching banks and closing an account, one can contact the Information Desk of the Public Enquiries Unit in the Bank-Customer Division within the Banking Supervision Departments at the following telephone number: 02-6552680.

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For further information on switching banks and closing an account, one can contact the Information Desk of the Public Enquiries Unit in the Bank-Customer Division within the Banking Supervision Departments at the following telephone number: 02-6552680.