{"id":50424,"date":"2024-06-27T09:57:48","date_gmt":"2024-06-27T07:57:48","guid":{"rendered":"https:\/\/www.fma.gv.at\/reden-wir-ueber-geld-adieu-altes-konto\/"},"modified":"2024-06-27T14:11:27","modified_gmt":"2024-06-27T12:11:27","slug":"lets-talk-about-money-farewell-old-account","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/lets-talk-about-money-farewell-old-account\/","title":{"rendered":"Farewell, old account! “Let’s talk about money” explains how the account switching service simplifies “moving” to a new bank."},"content":{"rendered":"

Moving your bank account to a bank with more suitable conditions, offers or more conveniently located branches may appear to involve a lot of effort. However, by using a switching service, your new bank can take out a lot of the work involved and ensure that your salary or pension, your rent payments, standing orders and direct debits are migrated seamlessly to your new account. The FMA’s consumer information series “Let’s talk about money” explains how it works in clear and simple language.<\/p>

An EU Directive has simplified matters<\/h2>

Since 2016, a range of new provisions in the Austrian Consumer Payment Accounts Act<\/a> have made payment accounts more accessible and easier to compare, and have simplified the process of switching accounts. It transposes the European Union’s Payment Accounts Directive<\/a> (2014\/92\/EU), which has made the market for such accounts more transparent, and has improved competition. In 2023, 87,024 payment accounts switches took place, following 91,754 in the previous year. There has been a decrease in account switches since 2019.<\/p>

Steps involved for switching an account<\/h2>

Switching an account involves the following stages:<\/p>