Account switching service
What is the account switching service?
Consumers and micro‑enterprises, hereinafter referred to as the customer, may at any time request the transfer of the account where their payments are domiciled. This includes standing orders, direct debits, and recurring incoming credit transfers. The transfer is made to a current account held with another bank headquartered or operating in Portugal, in the same currency.
What are the benefits of using the account switching service?
The account switching service allows you to request novobanco to liaise directly with your previous bank in order to transfer direct debit services and recurring transfers to your new account, simplifying the entire process.
In addition, this service is free of charge.
How to request the Account Switching Service?
The Aaccount switching service is initiated at the request of the customer at the destination bank (the bank the customer wishes to move to).
This request is made through a written authorisation addressed to the origin bank.
From that moment on, the process is handled directly by the banks involved.
The request must be submitted by completing a specific form, which may be delivered to your relationship branch or sent by email to mudancadeconta@novobanco.pt.
The request must be authorised by all account holders of the account held with the origin bank.
Information to be provided by the customer
The customer must indicate all services to be transferred and the desired execution date (1), namely:
• Standing orders and direct debit mandates, including any existing limits on amounts, frequency or end date, and how those limits may be defined
• Recurring incoming credit transfers, and the date from which they should start being credited to the new account
(1) The date indicated in the authorisation must not be less than 13 days from the date the switching request is signed.
Closing the account at the origin bank
If the customer wishes to close the account with the origin bank, this intention must be explicitly stated in the authorisation provided to the destination bank.
Next steps
novobanco, acting as the destination bank, will then contact the origin bank to formally carry out the account switching process.
The 3 phases of the account switching service
Phase 1
Request from the destination bank to the origin bank
Within a maximum of 5 business days from the date on which the customer’s request or authorisation is received, the destination bank must request the origin bank to carry out the following tasks, if provided for in the authorisation:
Provide the destination bank, and the customer if expressly requested, with a list of the existing standing orders and the available information on the direct debit mandates to be transferred
Provide the destination bank, and the customer if expressly requested, with the available information on recurring incoming credit transfers to the benefit of the customer, as well as recurring direct debits initiated by creditors that were executed on the customer’s payment account during the previous 13 months
Phase 2
Obligations of the origin bank
Upon receiving a request from the destination bank, the origin bank must perform the following actions, provided they are included in the customer’s authorisation:
Within five business days, send the information referred to in item 1 of phase 1 to the destination bank and to the customer, if expressly requested
Stop accepting incoming credit transfers and direct debits on the account from the date specified in the authorisation and no earlier than six business days after sending the information to the destination bank
Cancel standing credit transfer orders, effective from the date specified in the authorisation and no earlier than six business days after sending the information to the destination bank
Transfer any remaining positive balance from the account to the account held with the destination bank on the date specified by the customer in the authorisation, or on the sixth business day following receipt of the documents sent by the origin bank, provided that:
This is included in the authorisation
There are no outstanding obligations linked to the account
The tasks listed above have been completed
Close the payment account held with the origin bank on the date specified by the customer
Phase 3
Obligations of the destination bank
Within five business days from receipt of the information requested from the origin bank, the destination bank must, in accordance with the authorisation and to the extent allowed by the information provided by the origin bank or the customer, carry out the following actions:
Set up the standing credit transfer orders requested by the customer and execute them from the date specified in the authorisation
Where applicable, inform the customer of their rights under Article 5(3)(d) of Regulation (EU) No. 260/2012 of the European Parliament and of the Council (14 March 2012)
Provide the customer, if customer so wishesthey so wish, with a standard communication template to notify the ordering parties identified in the authorisation who make recurring transfers for which the customer is the beneficiary, informing them of the new account held withat the destination bank
Provide the customer, if they so wish, with a standard communication template to notify the creditor entities identified in the authorisation that use direct debits to collect funds from the customer’s account, including the date from which direct debits will be charged to the account withat the destination bank
Communicate directly to the ordering parties and/or creditor entities the change to the customer’s account, providing them with a copy of the relevant authorisation for this purpose
Frequently asked questions
Without prejudice to the customer’s right to access the competent courts, novobanco ensures its payment‑service users access to effective and appropriate out‑of‑court complaint and dispute resolution mechanisms for disputes of a value equal to or below the jurisdictional limit of first‑instance courts, relating to rights and obligations established under Decree‑Law No. 107/2017 of 30 August.
In accordance with applicable legislation, and in the event of a dispute, novobanco informs that it has joined the following alternative dispute resolution entities:
CNIACC – National Consumer Conflict Information and Arbitration Centre
www.cniacc.pt
Lisbon Consumer Conflict Arbitration Centre
www.centroarbitragemlisboa.pt
Porto Consumer Information and Arbitration Centre
www.cicap.pt
Consumer Information, Mediation and Arbitration Centre (Consumer Arbitration Court)
www.ciab.pt
For further information, please contact a branch or consult the consumer portal at www.consumidor.pt
If you choose to close the old account with the origin bank
-
Confirm the closing dateEnsure that the account closing date is not earlier than the date scheduled for the execution of recurring transfers
-
Confirm incoming paymentsOn the closing date, confirm that all incoming payments made by third parties to the old account (for example, salary or pension payments) have already been redirected to the new account
-
Confirm direct debitsOn the closing date, ensure that all charges and direct debits previously collected from the old account are being correctly processed on the new account
Documentation
.jpg/_jcr_content/renditions/cq5dam.thumbnail.48.48.png)
Notification of change of salary or pension account domiciliation
Notification of change of salary or pension account domiciliation
.jpg/_jcr_content/renditions/cq5dam.thumbnail.48.48.png)
Direct debit mandates and standing transfer orders – novobanco
Direct debit mandates and standing transfer orders – novobanco
Account Switching Service – frequently asked questions
Account Switching Service – frequently asked questions
PUB | NOVO BANCO S.A. | Registered no. 7 at Banco de Portugal