Simpler switching a hassle

Only two customers a week have used the "listing and switching" service of National Australia Bank since it was launched in November 2008, The Age reported.

All banks were obliged last year to make it somewhat easier for customers changing banks to advise the new bank of all periodic payments. Obstacles in doing so were seen as an impediment to competition in transaction accounts.

The solution agreed by banks did not transfer payment data from one to another, however. Rather, banks must print and supply a list of periodic payments to customers who request this service, not that there are any.