Change of payment account ONLINE

What needs to be done?

What needs to be taken into consideration

You can request to change an account directly in your internet banking (Accounts and deposits -> Transfer to us). Fill in the account number of the other bank and select the Expo account to which the transfer is to take place.

Procedures for changing the payment account are governed by the Payment System Act 370/2017 Coll. as amended and the Standard of the Czech Banking Association No. 22.

What needs to be done?

  1. Choose the new payment service provider to which you want to transfer your standing orders and direct debit authorizations, and familiarize yourself with the products and options it offers.
  2. If the new provider does not yet have a payment account for you, ask him to set it up.
  3. The new provider must perform your identification according to the requirements of the law. You will therefore need a valid ID. Identification will be performed according to the conditions of the provider.
  4. Consider whether you want to transfer all services or just some to the new provider, and whether you want to cancel the account with the existing provider. However, termination of the account agreement, on the basis of which the account will be canceled, can only be made by its owner, not by the person authorized to dispose of the funds on the account.
  5. Fill in the request to change the payment account and sign it according to the conditions of the new provider.

You can request everything within the change of payment account

(a) the incumbent

  • Whether and when or. what transfers of payments on the basis of standing orders, direct debit authorizations or SIPO should stop making
  • Whether and when he should stop making incoming payments on your payment account

  • Whether to transfer the positive account balance to you new payment account

  • Whether to provide the new provider with an overview of standing orders and / or direct debit approvals

  • Whether to provide the new provider with an overview of regularly recurring incoming payments and outgoing direct debits

  • Whether to send an overview of regular payments (standing orders, direct debits and incoming payments, etc.) to the contact you provided

b) a new provider

  • Whether to forward your termination of the payment account agreement to the current provider

  • From when to start executing standing orders and set up direct debit approvals according to the overview from the existing provider

  • Informing payers of recurring payments and / or payees of a change of payment account

  • Provision of a model information notice on a change of payment account for the payer of recurring payments and / or the payee

What to consider?

It is not always possible to change the payment account - the new provider may not offer the same services that you were used to with the existing provider.

Assess the fee structure of the new provider, what and under what conditions it offers interest rates to value the money in your account

The account with the current provider cannot be canceled in some cases

By law, changing a payment account takes up to 13 working days

If you indicate that the current provider should transfer the positive balance before the account is canceled, you run the risk of a debit balance.

If you do not request this service, the new provider will provide you with sample information letters for third parties

If you have agreed on a SIPO, expect that the changes will take effect later than with other partners

In the event that the payment account at the current provider is canceled together with the transfer of payment services, all disposition rights (specimen signatures) shall expire.

How much will a change in payment account cost?

We will not charge you any fees in connection with the change of payment account. We will also provide you with all information related to the change of payment account free of charge.

However, if you request Expobank, as a new provider, to inform the payer of recurring payments and / or the payee about the change of payment account, you will be charged a fee of 100 for each notification sent.

What else is good to know?

It is not possible to change the payment account in all cases. Special / individual services and different products provided by banks can be an obstacle to a successful change of payment account. Also, the cancellation of the original provider's account cannot take place provided that this is prevented by an agreement between the client and the original provider (eg a contract that obliges the client to maintain a current account, usually due to linked credit or deposit products).

What do we recommend?

Always keep at least 3 years (limitation period) statements for all your payment accounts. If you are not sure how to proceed at any given time, always contact a new provider who initiates and monitors the entire process.

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