Taking the hassle out of switching banks

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DirectDebit.co.nz has launched a new Do-It-Yourself guide to help consumers switching banks to make sure their direct debt payments move successfully with them.

Monday, October 4th 2010, 10:21PM 4 Comments

DirectDebit.co.nz founder Paul Latham says changing direct debits can be a particularly frustrating and he hopes its guide will make the transition easier.

"Direct debits are often overlooked when people come to change banks and yet successfully altering them relies on the co-ordination of so many different parties," says Latham.

The Do-It-Yourself guide gives a clear process to follow and keep track of with useful tips such as keeping two accounts - the new one and the old one - open for up to two months.

Latham says the inconvenience of paying one month's extra account fees is easily negated by the loss of a prompt payment discount or being slapped with a dishonour fee should a direct debit fail.

He adds that switching banks provides a great opportunity for consumers to spring clean their finances, including cancelling "dead" direct debits - those that still exist on the bank's system, but are no longer required - or those being paid, but not used.

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