The Credit and Financial Institutions (Payment Accounts) Regulations, 2016 provide for the switching of banking services from one bank to another in Malta, without any unnecessary delay to the customer.
Switching your account or some banking services from one bank to another is simple. Following the STEPS below will ensure that the switching process is carried out smoothly and easily.
If not already held, open a new account at the bank of your choice (the “receiving bank”) to which you wish to switch all or some banking services from another bank (the “transferring bank”).
Submit an authorisation in writing as required by the receiving bank to commence the procedure for switching either all or only some services from the transferring bank to the receiving bank. Through such authorisation, you will be providing your specific consent to the transferring bank and to the receiving bank to perform the tasks specified in STEPS 3, 4 and 5 below.
The authorisation has to be signed by all account holders in case of two or more holders on the account.
You will be provided with a copy of your authorisation by the receiving bank.
Within two business days from the receipt of your authorisation, the receiving bank will request the transferring bank to perform some or all of the following tasks as per your authorisation:
Upon receipt of such a request from the receiving bank, the transferring bank will carry out the following tasks, as per your authorisation:
Within five business days from receipt of the information specified in STEP 4 (a) above from the transferring bank, the receiving bank shall, if provided for in your authorisation and provided that the information provided by the transferring bank or by yourself enables it to do so, carry out the following tasks:
Such date must be at least six business days after the date on which the receiving bank receives the information specified in STEP 4 (a) above from the transferring bank.
Should you prefer to personally provide the information referred to in STEP 5 (c) and (d) above to the payers and payees, rather than authorising the receiving bank to do so, the latter bank will provide you with standard letters to enable you to do so.
With the exception of the services referred to in (a) and (b) below, both the transferring and the receiving banks are entitled to charge a fee (Tariff of Charges available on a durable medium from the Bank’s branches or by clicking here). You are entitled to the following services FREE OF CHARGE:
In the eventuality that you have any complaint, please refer to the complaints handling policy.