How to move your account – from one bank to another
Your bank or payment service provider is obliged to provide you with a clear, quick and secure procedure to allow you to switch your payment account.
You must receive the following information from your bank or payment service provider about the switching service:
- Information about the roles of the transferring and receiving payment service provider for each step of the switching process,
- The time frame for performing the steps
- the fees charged
- all information that the consumer will be asked to provide
Information about conciliation services (Schlichtungsstellen)
Banks are required to provide you with information about fees and information about account switching free of charge. In addition a statement of fees must be provided at least once a year. This information must be communicated to consumers in a clear and understandable manner.