Currently anyone wishing to change bank has to do all the administration themselves. They have to inform all the recipients of their direct debits and standing order (for example utility companies, landlords…).
Furthermore, those from who they receive money on a regular basis such as their employers and their health mutual also need to be told of their new account number.
From Thursday this will all become a thing of the past because from then the new bank will take care of everything through a new centralised service.
Creditors and those that owe the account holder money will all be informed of the change and the bank cards and the current account at the old bank will be scrapped and any funds transferred to the new account.
Last year almost 38,000 people in Belgium changed bank. The number of people changing bank falls each year.