From 1 November 2009 it has become easier for consumers to switch their current account from one bank to another in Luxembourg. On this date the ABBL implemented the “Common Principles for Bank Account Switching”, adopted by the European Banking Industry Committee (EBIC).
Consumers are free to transfer all or part of their banking relationship to a different bank. They can choose their new bank as a primary contact, meaning that this bank will act as intermediary between the consumer and their old bank as well as their creditors.
On the basis of the EBIC principles, the ABBL elaborated a guide on switching bank accounts, which explains to consumers the necessary steps to be taken when transferring recurrent payments, that is standing orders and direct debits, from their old bank to their new bank, as well as explaining by whom the various steps have to be taken and within which timeframe.
The old bank is expected to provide all available information about the consumer’s recurrent payments within seven working days upon receiving the request from the consumer her/himself or from the new bank.
The new bank will then set up recurrent payments on the new account within seven working days after receiving the necessary information, and will assist the consumer in informing third parties about her or his new account details.
If the consumer demands it, the old bank closes the old account and transfers the remaining balance.
The services described in the guide are free of charge.
Articles
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07/03/2010
A year after the launch of the Private Banking Group, Luxembourg, the ABBL set up a second business line cluster: the Retail Banking Group (RBG). Bringing together ABBL members active in the field of retail banking, the RBG’s missions include defining initiatives and actions to be taken with regards to the retail banking business line, representing and defending the interests of the Luxembourg retail banking profession, promoting standards and best practices, and developing training programmes adapted to the needs of the profession. -
03/11/2009
From 1 November 2009 consumers in the European Union should find it easier to switch their current account from one bank to another within their own Member State. This improvement is thanks to a set of 'Common Principles for Bank account switching' which was adopted by the European Banking Industry Committee (EBIC) ( IP/08/1841 ) last year and have now been implemented in the Member states by the national banking associations.
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29/10/2009
L’Association des Banques et Banquiers, Luxembourg (ABBL) vient d’élaborer le Guide luxembourgeois de la mobilité bancaire. Le guide explique aux consommateurs quelles sont les démarches à suivre en cas de changement de compte courant d’une banque à une autre à l’intérieur du Luxembourg. Il décrit aussi les services que les banques doivent offrir gratuitement à tout client qui souhaite transférer ses paiements récurrents, c’est-à-dire ses domiciliations de créances et ses ordres permanents, d’une banque établie au Luxembourg vers un compte courant d’une autre banque établie au Luxembourg. Sur demande, la banque d'accueil peut effectuer toutes les démarches de transfert du compte courant au nom du client.
