Romanian Bks May Enforce Account Transfer Rules On Apr 1 - Assoc

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After the central bank approves the new rules, each bank member of ARB must prepare the due procedures and apply them, Rotaru told MEDIAFAX.

According to Rotaru, five banks have already announced they are ready to apply these rules.

Early November 2009, the European Commission said the consumers in the European Union, except for Romania, should find it easier to switch their current account from one bank to another within their own state, and the new bank will offer its assistance throughout the switching process.

In the Common Principles on Bank Account Switching adopted by the European banking industry in December 2008, if a consumer wishes to change bank, the new bank will act as main contact point and offer its assistance throughout the switching process.

It will deal with the old bank, ensuring that the transfer of the client's recurrent payments, such as direct debits and standing orders, are done smoothly and rapidly. Finally, the new bank will assist the consumer in closing the old account and transferring the remaining balance to the new account.