Code of practice on Switching Personal Accounts between Banks
The Payments/Orders Account Switching Code (The “Code”) was prepared by an Ad Hoc Working Group of the Association, according to the provisions of the 2014/92/EU Directive concerning “The comparability of fees related to payment accounts, payment accounts switching and access to payment accounts with basic features”.
The Code has been approved by the Central Bank of Cyprus (CBC) in compliance with a relevant CBC Directive. The new Code replaces the existing Bank Account Switching Code issued by the Association on a voluntary basis in 2009, and all of the Association’s members banks participate in it.
The purpose of the Code is to describe the steps that need to be followed and to provide the documents that need to be completed by the stakeholders (i.e. customers and banks) for a smooth and timely account switch, from one bank to the other. In order to achieve the goals of the Code, all banks commit themselves to follow the necessary steps according to the time schedules outlined in the Code and complete the switching process within 12 working days.
Further information regarding the content and the uses of the Code can be obtained from the member banks of the Association.
An Informative Leaflet summarizing its’ main provisions and procedures is provided below.