Change current account

We have decided to change the current account, and of course the bank, and so we have to close our current account and open a new one at the branch of the bank we have chosen. But what are the steps to be taken, such as the correct timing and the simple rules to follow to avoid being faced with problems? Here is a simple and complete guide that explains in a clear and detailed all the operations to be performed.



CHANGE CURRENT ACCOUNT AND BANK
Changing a bank account by changing a bank is a very simple and convenient operation. It is simple because the recent regulations, and in particular the Bersani Decree of 2007, have greatly simplified the procedure for the passage of the current account from one bank to another.

It is convenient because today the market offers free online current accounts with zero costs compared to old-style current accounts, and much more advantageous interests.

Change current account



CHOOSE THE NEW CURRENT ACCOUNT
The advice for those looking for a new current account is to initially focus on their accountant needs. What services do you absolutely need? The bank account is not just "piggy bank" but is usually a more complex product that can provide additional services such as credit cards, the domiciliation of utilities or the ability to manage transactions on the internet or via mobile devices such as smartphones and tablets .

Once the set of minimum services has been defined, the second suggestion is to go in search of that proposed account that would lower the costs for such services as much as possible. As? You can check the characteristics of the various accounts on the Internet or by reading the Synthetic Cost Indicator, which shows in detail the expenses associated with maintaining a current account.

But what are the main expenses of a current account? This is not a small question, because savings are often the main reason why you decide to change your current account.

The costs of an account can be divided essentially into two types: the variable and the fixed ones. The variable costs include those expenses proportional to the financial assets managed by the account holder, such as the fees for withdrawals at the counter; the fixed costs, on the other hand, are independent of the number of transactions carried out by the customer, for example the government stamp or the management fees related to the ATM.

Without a doubt, the best way to reduce these costs (both fixed and variable) is to choose online accounts at the expense of accounts that can only be managed at the traditional counter.



Thanks to the web, banks have in fact expanded the range of services available to users, succeeding, at the same time, considerably reducing the costs for the latter. All this thanks to the reduction of logistics costs that in the case in online accounts are practically nil. We say that we are lucky because today, compared to some years ago, changing the current account is definitely easier and just a few steps.

OPEN THE NEW ACCOUNT
The first step to change the current account is the opening of a new account at the selected bank. Once the type of the new current account has been identified, it can be opened directly on the internet (for example on Conticorrentiaconfronto.it it is possible to activate a current account online for free) or, if you prefer, in a branch.

For the opening it is necessary to fill in the documentation provided by the new bank, to view the Summary Cost Indicator, and to provide a copy of an identity document and tax code. Through the "automatic portability" it is possible to further speed up the passage of one's bank account from one bank to another, providing the new IBAN with the new institute.

Based on this code, which uniquely recognizes the user on a national basis, the new bank will take care of carrying out all the bureaucratic procedures for transferring the account from the old institute.

CLOSE THE OLD CURRENT ACCOUNT
The second step to change the current account is the closure of the old one. To do this, it is necessary to communicate the transfer to the bank of origin through a registered letter with return receipt. Before the old account is definitively extinguished the customer must make sure to return unused checks, credit cards and debit cards.

A key aspect to remember is that to be closed an account must not be in red . For this reason, any pending payments, entering and exiting the old account, must be finalized before it is closed.

In addition, the user must also ensure that the recurring debit services such as the domiciliation of bills or mortgages are terminated or vice versa migrated to the new account. Finally, an eye on investments: the management of securities and deposit accounts must be migrated to the new bank before the old account is definitively closed.