Code of practice on Switching Personal Accounts between Banks
The ACB prepared a Code based on the Common principles for personal account switching that were drafted by the European Banking Industry Committee (EBIC) on 2008. The Code sets standards for the easy and transparent switching of personal current accounts from one bank to another and was adopted by member banks of the Association in 2009. This Code provides standards for the quicker and easier switch of bank accounts between one bank and another, avoiding mistakes or misunderstandings and enhances the relationship between Banks and their customers. The Code promotes transparency and mutual understanding between the two parties and boosts competition between banking institutions, leading to the offering of additional product choices, to the reduction of prices and to higher quality of products and services.
Nevertheless, the Code will be revised in line with the provisions of the Payments Accounts Directive 2014/92/ EU, when these are passed into national law.