MP welcomes a simpler world for current account switching
Geoffrey Cox, MP for Torridge and West Devon, has welcomed the launch of the Current Account Switch Service which he feels will have significant benefits for individuals, charities and small businesses within his constituency.
The new system which was launched by the Payments Council on Monday 16 September 2013, is a new, free to use service designed to make switching current account from one bank or building society to another simple, reliable and hassle-free. It also provides the accompanying Current Account Switch Guarantee which offers protection should anything go wrong.
The MP believes that the new system will be extremely positive for those in his constituency, allowing many people to benefit from incentives such as cash-back offers, and fee free overdrafts which could potentially save some consumers up to £600.
In the past two years, only seven percent of individuals in the South West have chosen to switch their current account. Despite people in the region showing willingness to switch their providers of insurance and utilities services, there has been an apparent reticence to date to switch current account provider.
Speaking about the launch the MP said: “I welcome the new system and the benefits it will bring to constituents in Torridge and West Devon. Consumers, small businesses and charities alike can now have the confidence to make the switch and find an account which really suits their needs.
“It is vital in a rural constituency such as mine that consumers have choice and can access the best service for them, whether that is a bank that offers a local branch, or one with an easy to use online service.
“As the new system gets underway I look forward to seeing increased competition in the current account market as banks and building societies work hard to attract to keep happy both new and existing customers.”
(from a press release)
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