OREANDA-NEWS. Customers of Estonian banks can use assisted service for bank account switching from 01.01.2010.

The following services will be switched to the new bank at the customer’s request:
the current account together with all the standing orders and direct debits (complete bank account switching) or only selected standing order and direct debit agreements (partial bank account switching).

The customer’s account number will change, if the complete bank account switching option is used.

Bank account switching is not possible in all occasions; the prohibitive circumstances include for example seizure of current account and indebtedness to the bank. Other limitations arising from law or contractual agreement may occur.

The customer is advised to address his/her switching request to the new bank which will take care of the switching procedure free of charge. The whole procedure will take from two to four weeks. Switching of direct debit agreements will be more time consuming. It may take an additional month, until a direct debit agreement starts functioning. Switching of standing order and direct debit agreements actually means cancellation of these agreements with the former bank and conclusion of new agreements with the new bank. All necessary operations will be carried out by banks on behalf of the customer according to the proxy given by the customer.

Current account switching is in correspondence with common principles of current account switching composed by EBIC (European Banking Sector Committee).

More detailed information about the switching of bank accounts is available on the website of the Estonian Banking Association: http://www.pangaliit.ee/arveldused/switching/