Furthermore, results show that the number of switches has more than doubled when compared to the same period last year, when just 8,000 business accounts … That includes moving incoming and outgoing payments, and transferring the account balance, as well as closing the old account. The figures, from the current account switch service (Cass) show that, across 2018 as a whole, 929,070 switches were made – slightly down on the 931,956 made in the previous year. 1.2 The Current Account Switch Service (CASS) was launched in September 2013. It makes switching current accounts simpler and quicker for … The Current Account Switch Service has published its Q2 2019 Dashboard reporting the latest switching figures and trends. The current account switch service allows customers of banks and building societies to switch their current account to a new provider in a simple, and stress-free way. The Current Account Switch Service makes it simple and stress-free to move everything across from your old bank. Current Account Switch Service Annual Report 2018 3 In 2018 CASS continued to play an important role in ensuring all consumers can exercise choice in the current account market and switch to the right account that suits their needs. The quarter has seen 17,687 business account switches using the service – a positive increase from Q1 2019. He adds, “The account switch service has made 28-day account switching seem like an anachronism overnight, but why stop at seven days? The Current Account Switch Service is run by Bacs, the not-for-profit organisation behind Direct Debit in the UK, now owned and operated by Pay.UK, the new home for UK retail payments. 40 60 Once a current account has been opened with a new bank or building society, the Current Account Switch Service will transfer all the activity relating to the old account to the new one. You can choose a switch date to suit you and it only takes seven working days from start to finish. The technology exists to make 24-hour switching possible, if the market demanded it, and the 24-hour mortgage, or a 24-hour pension really ought not to be beyond the realms of possibility. The Current Account Switch Service is backed by the Current Account Switch Guarantee. It is a voluntary scheme set up as part of an industry wide programme by the Payments Council and owned and operated by Bacs Payment Schemes Ltd (Bacs). This guarantees that any charges or interest incurred on your old or new account, as a result of a failure in the switching process will be refunded when you bring this to your new bank or building society’s attention. If your new bank or building society agrees, bank accounts that include an overdraft can switch using the Current Account Switch Service. This data includes personal customers, small businesses and small charities that have switched using the Current Account Switch Service and received the … If your business provides a customer with a new current account as part of the switch service, you’re responsible for fulfilling the conditions of the switch guarantee . The number of people swapping current accounts between January and March using the official switch service fell by over 27 per cent on the previous three months, data shows. According to the most recent data from the Current Account Switch Service, two of the banks that have seen the biggest influx of new customers in recent months have been Monzo Bank and Starling Bank, both of which are app-based banks that don’t have their own branches. Performance in 2018 CASS has delivered strongly against its Key Performance Indicators (KPIs)1.
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