ACCOUNT SWITCHING

In a media release on 9 February 2008, the Treasurer announced a package of measures designed to make it easier for customers to switch their accounts between banks. One element of this package was a listing and switching service that has been developed in consultation with the Australian Bankers’ Association (ABA) and the Association of Building Societies and Credit Unions (ABACUS). The service is being implemented under the auspices of the Australian Payments Clearing Association (APCA).

Background on the account switching initiative can be found in the APCA consultation paper that was released in September 2007 and the responses to that consultation paper.

The Reserve Bank of Australia is overseeing the development of this service and, as part of that oversight, has asked for bi-monthly progress reports from the ABA, ABACUS and APCA. An initial report from the ABA is published below, along with subsequent progress reports from APCA on behalf of the industry.

ABA Initial Report - PDF 45K
19 February 2008

APCA First Progress Report - PDF 94K
Considered by the Payments System Board on 9 April 2008

APCA Second Progress Report - PDF 40K
30 April 2008

APCA Third Progress Report - PDF 178K
30 June 2008

APCA Fourth Progress Report - PDF 51K
1 September 2008