|Current account switching|
Customers of Estonian banks can use assisted service for bank account switching from 01.01.2010
The following services will be switched to the new bank upon request of the client:
• the current account together with all the standing orders and direct debits (complete bank account switching) or
• only selected standing order and direct debit agreements (partial bank account switching).
Bank account number of customer will change when complete bank account switching option is used.
Bank account switching is not possible in all occasions; the prohibitive circumstances include for example seizure of current account and indebtedness to the bank. Other limitations arising from law or contractual agreement may occur.
Customers are advised to address switching request to the new bank, new bank
will support the consumer in switching and present to the consumer with the relevant
services. All further operations will be carried out by banks on behalf of customers according to the proxy given by the customer.
New bank is acting as a primary information source, information regarding to the switching is also available in following documents:
· Customer information booklet
· Common principles of current account switching
Estonian current account switching process is in correspondence with common principles of current account switchingcomposed by EBIC (European Banking Sector Committee).