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Business News 05 Feb 2013

Switching accounts will be easier following banking reform, says Osborne

From September individuals and businesses will be able to switch accounts to rival banks within seven days, as part of plans to encourage greater competition in the banking sector.

A customer's direct debit payments and standing orders will be transferred across with a minimum of hassle in what the Chancellor has hailed as 'a revolution in customer choice.'

Bank customers will also be able to transfer money between accounts within hours rather than days, under new measures outlined in the Government's Banking Reform Bill.



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