SCU supports 'tick and flick'

Tuesday, 20 September 2011 09:17

The Gillard government recently announced that it will introduce a “tick and flick” service to make it easier for consumers to switch financial institutions. This means that consumers will be able to sign just one form to transfer all their direct credits and debits to a new financial institution.

The form gives the new financial institution authority to change the account details with each creditor and debtor on behalf of the consumer. This takes the burden away from consumers which is currently is a deterrent for consumers changing financial institutions.

Treasurer Wayne Swan said "This initiative will give consumers the power to easily switch to another bank, building society or credit union if their existing institution isn't providing good value and service."

"It will take the headache out of switching bank accounts, encouraging consumers to seek out the best deal on their savings."

I would encourage all consumers to look around and then come and talk to us.

The new regulation comes into effect from July 1 2012, however SCU can already help you with the process. If you would like to switch to SCU just call us on 13 61 91 and we can help you make the change.

Ashley Jennings Chief Executive Officer SCU

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