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Moving Banks: How to Switch Accounts Stress-Free and Securely!
Do you want to change your bank but are unsure how to proceed? The Payment Accounts Act protects you and simplifies the process. Discover how to benefit from a reputable account switch and which pitfalls to avoid. For personal advice on the topic, contact us here.
The topic short and concise
Do you want to change your bank but are unsure how to proceed? The Payment Accounts Act protects you and simplifies the process. Discover how to benefit from a reputable account switch and which pitfalls to avoid. For personal advice on the topic, contact us here.
Do you want to change your bank but are unsure how to proceed? The Payment Accounts Act protects you and simplifies the process. Discover how to benefit from a reputable account switch and which pitfalls to avoid. For personal advice on the topic, contact us here.
Do you want to change your bank but are unsure how to proceed? The Payment Accounts Act protects you and simplifies the process. Discover how to benefit from a reputable account switch and which pitfalls to avoid. For personal advice on the topic, contact us here.
Learn how to switch your bank reliably and without any headaches. We will show you your rights and provide you with a step-by-step guide for a smooth account transition.
A reliable account switch can be a smart decision when moving, to take advantage of better terms or to avail the services of a different bank. At GoMovin, we understand that moving already involves a lot of changes. Therefore, we want to show you how to make the bank moving process as simple and stress-free as possible. This guide provides you with a comprehensive overview of your rights, the process, and what you should pay attention to, ensuring your account switch proceeds smoothly.
Legal Foundations and Consumer Rights
The Payment Accounts Act (ZKG), which has been in force since 2016, plays a central role in simplifying bank changes. It not only guarantees you the right to a basic account – regardless of your credit rating (under certain conditions) – but also outlines the duties of banks during an account switch. The Consumer Centre offers detailed information on this.
The Payment Accounts Act (ZKG) and Its Significance
In force since 2016, it significantly simplifies the bank change.
Guarantees a basic account for everyone, regardless of credit score (under certain conditions).
Rights and Duties of Banks during an Account Switch
Obligation to assist in the account switch through the account switching service.
Duty to provide information regarding all applicable account fees.
Why change banks when moving?
There are many good reasons why you should consider a bank change when moving. Maybe you are dissatisfied with the current fees or service of your bank. Or you have found better terms at other banks that suit your new circumstances better. A reliable account switch can help you manage your finances optimally and benefit from attractive offers. GoMovin supports you in making the best decision.
Overview of Possible Reasons
Dissatisfaction with fees or service of the current bank.
Better terms at other banks, which appear more attractive.
Specific offers that better suit new living circumstances.
ZKG Rules: How to legally secure your account switch
The legal framework for account switching is largely determined by the Payment Accounts Act (ZKG). This law sets the rules for a smooth and reliable account transfer and protects your rights as a consumer. We at GoMovin want to help you understand these regulations and legally secure your bank switching process.
The Role of the Payment Accounts Act (ZKG)
The ZKG contains several key points relevant to account switching. These include the obligation to assist with the account switch, clear deadlines for data transfer, and liability for errors during the switch. These provisions ensure that the bank transfer is transparent and fair. Finanzfluss.de offers a good overview of the essential aspects of the ZKG.
Key Points of the ZKG Regarding Account Switching
Obligation of banks to assist with account switching.
Deadlines for data transfer between the old and new bank.
Liability for errors during the switch to protect consumers.
Deadlines and Responsibilities of the Banks Involved
New bank: Application process within two business days.
Old bank: Provision of necessary data within five business days.
Total duration of the switch: Target of 12 business days (may be extended due to postal delays).
Liability for Errors and Damages
If errors occur during the account switch that cause you financial harm, both the old and new bank are jointly liable under § 25 of the ZKG. Examples of such damages may include delayed payments or reminder fees. It is important that you are aware of your rights and assert them if necessary. The Consumer Advice Centre provides detailed information about your rights and how to enforce them.
Joint Liability of Old and New Bank (§ 25 ZKG)
Examples of damages: Delayed payments, reminder fees, etc.
Account switching service: How to use it optimally for your move
The Account Switching Service is an essential tool for simplifying your bank relocation process. It assists you in switching your account reliably and with minimal effort. At GoMovin, we explain how this service works and how you can make the most of it.
Bank-supported vs. Digital Account Switching Services
There are two main types of account switching services: bank-supported account switching assistance and digital account switching services. The bank-supported variant uses forms in accordance with the ZKG and offers legal protection as well as comprehensive data transfer. Digital services such as Qwist, Fino, or Kontowechsel24 automatically analyze transactions and are user-friendly, but might not capture all data fully. Finanztip.de compares both options and helps you make a decision.
Bank-supported Account Switching Assistance
Use of forms in accordance with the ZKG.
Advantages: Legal protection, comprehensive data transfer.
Disadvantages: Complexity of forms, possible delays.
Digital Account Switching Services (e.g., Qwist, Fino, Kontowechsel24)
Automated analysis of transactions.
Advantages: Speed, user-friendliness.
Disadvantages: Possibly incomplete data capture, manual review required.
Steps of the Account Switching Service
The account switching service involves several steps to ensure your bank relocation process runs smoothly. First, you authorize the new bank, which then requests the data from your old bank. The old bank provides the data (including 13 months of transaction history), and the new bank sets up standing orders and direct debits. Finally, you notify relevant parties about your new banking details. The Consumer Centre of Baden-Württemberg offers detailed information on each step.
Choosing a Bank: How to Find the Right Current Account for Your Move
The choice of the right bank is crucial for a successful and reliable account switch. Pay attention to fees, services, and bonus offers to find the best current account for your needs. At GoMovin, we provide tips on what to consider when making the decision to switch banks.
Comparison of Current Accounts
Compare various current accounts in terms of fees, services, and bonus offers. Look out for conditions related to cash withdrawal, international transactions, and advice. Consider your individual financial circumstances to find the suitable account. Reisetopia.de offers a comprehensive comparison of different current accounts.
Comparison of Current Accounts (Fees, Services, Bonus Offers)
Conditions for cash withdrawal, international transactions, advice.
Consideration of individual financial circumstances.
Preparing for the Account Switch
Good preparation is key for a smooth bank switching process. Create a list of all payment partners (employer, landlord, etc.) and review your standing orders and direct debits. Update your bank details on online platforms like Amazon or PayPal. This will help you avoid unnecessary issues and delays. Our planning aids will support you.
Creating a List of All Payment Partners (Employer, Landlord, etc.)
Review of standing orders and direct debits.
Updating bank details on online platforms (e.g., Amazon, PayPal).
The Right Time to Close the Account
Only close your old account after the complete transition to the new account has been made. It is advisable to keep both accounts running in parallel for at least two months to ensure all transactions are processed correctly. This way, you avoid missing important payments. Finanzfluss.de also recommends not closing the old account too early.
Recommendation: Only Close Old Account After Full Transition
Keeping Old and New Accounts in Parallel for at least two months.
Account Switching Hurdles: How to Overcome Common Problems When Moving
Even with careful preparation, the process of changing banks can present pitfalls. At GoMovin, we show you how to identify and avoid typical issues to ensure a reliable account transfer.
Issues with Data Transfer
Digital services may not capture all transactions completely. Therefore, manual review and augmentation of the data is essential. Ensure that all standing orders and direct debits are transferred correctly. Test.de reports on issues with data transfer and provides tips for troubleshooting.
Incomplete Capture of Transactions by Digital Services
Manual review and augmentation of data.
Faulty Notifications to Payment Partners
Uncoordinated notifications by banks can lead to declined direct debits and penalty fees. Therefore, inform your payment partners about your new bank details yourself to avoid misunderstandings. Test.de warns about uncoordinated notifications.
Uncoordinated Notifications by Banks
Avoidance of declined direct debits and penalty fees.
Special Considerations in Specific Cases
Even with a negative credit rating, changing banks is possible, although generally only with a balance account without an overdraft facility. Existing loans and fixed-term deposit accounts require separate handling. Find out about the specific conditions in advance. Finanzfluss.de explains the special considerations in specific cases.
Account Change Despite Negative Credit Rating
Possibility of a balance account without an overdraft facility.
Handling Existing Loans and Fixed-Term Deposit Accounts
DIY or Service: How to Choose the Best Way to Switch Accounts
Besides the bank-supported account switching, there is also the option to carry out the bank relocation process independently. We at GoMovin will show you the advantages and disadvantages of both options, so you can make the best choice for your reliable account switch.
Account Switching Independently
When switching accounts independently, you create template letters to inform your payment partners and set up standing orders and direct debits manually. This option is particularly suitable for customers with few transactions. The Consumer Advice Centre of Lower Saxony provides template letters.
Creation of Template Letters to Notify Payment Partners
Manual setup of standing orders and direct debits.
Suitable for customers with few transactions.
Advantages and Disadvantages of Switching Independently
The independent bank switch offers you full control and independence from banks, but it is associated with a higher time investment and a greater susceptibility to errors. Carefully weigh the pros and cons before deciding on this option. Reddit users discuss the advantages and disadvantages of switching independently.
Advantages: Full control, no dependency on banks
Disadvantages: Higher time investment, greater susceptibility to errors.
Seamless account switch: Your checklist for the move
With our checklist, you can ensure that your bank relocation process goes smoothly and professionally. At GoMovin, we have compiled all the important steps for you so you can handle your account switch without stress.
Step-by-step Guide
Select a new bank and open an account.
Place an account switching order (bank-supported or digital).
Inform payment partners.
Review standing orders and direct debits and adjust if necessary.
Only close the old account after a successful transition.
Archive the statements of the old account.
Important Documents and Information
Have the following documents and information ready: IBAN and BIC of the new account, a list of all payment partners, as well as an overview of your standing orders and direct debits. This way, you have everything in view and can efficiently organise the bank relocation process. Our relocation experts support you with the organisation.
IBAN and BIC of the new account
List of all payment partners.
Overview of standing orders and direct debits.
Switching banks made easy: How to successfully move without stress
A serious account switch doesn't have to be complicated. With the right preparation and relevant information, you can make your bank switching process stress-free. At GoMovin, we summarise the key points once again and give you an outlook on future developments.
Summary of Key Points
The Payment Accounts Act (ZKG) provides statutory support for your account switch. Choose between bank-assisted and digital services and prepare for the switch carefully. This way, nothing stands in the way of a successful bank switching. GoMovin supports you every step of the way.
Legal Support through ZKG
Choice between bank-assisted and digital services.
Careful preparation and review.
Outlook on Future Developments
Technological advances will make the account switch even easier in the future. Furthermore, the comparability of account models will be enhanced by uniform standards. Stay informed to benefit from the latest developments. Find more moving tips here.
Further Simplification of Account Switching through Technological Advances
Greater comparability of account models.
A bank switching can be an opportunity to optimise your finances and benefit from better conditions. With our guidance and the legal framework, nothing stands in the way of a serious account switch.
Ready for your stress-free account switch? Contact us today for personalised advice and support with your move. We help you make the switch smoothly and make the most of all the advantages. Register for free now!
Further useful links
The Verbraucherzentrale provides detailed information and guidance on the topic of changing banks.
FAQ
Why should I change banks when moving?
Moving is a good opportunity to consider a bank change, as your financial needs may change. You could benefit from better terms, lower fees, or improved service.
What legal rights do I have when switching accounts?
The Payment Accounts Act (ZKG) guarantees you the right to a basic account and requires banks to assist with the account switch. The new bank must help you inform your payment partners.
How does the bank account switching service work?
The account switching service assists you in transferring standing orders, direct debits, and incoming payments from your old account to your new one. The new bank requests the necessary data from your old bank.
What deadlines apply when switching accounts?
The new bank must submit the data transfer request within two business days. The old bank then has five business days to provide the data. Ideally, the entire switch should be completed within a month.
What happens if errors occur during the account switch?
If errors occur during the account switch that cause you financial damage, both the old and the new bank are jointly liable under § 25 ZKG.
Can I switch banks if I have debts?
Switching banks is generally possible even with debts, although you may only be offered a credit account without an overdraft facility.
What do I need to do if I want to switch accounts myself?
If you wish to carry out the account switch yourself, you must inform your payment partners yourself and manually set up your standing orders and direct debits. The consumer advice centre offers template letters.
How long should I run my old account alongside the new one?
It is recommended to keep the old account active for at least two months alongside the new account to ensure all transactions are processed correctly.
