MSE News: Faster current account switching is coming – but cards not included
Former_MSE_Helen
Posts: 2,382 Forumite
"Bank customers will be able to switch accounts within seven working days from 16 September..."
Read the full story:
Faster current account switching is coming – but cards not included
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Faster current account switching is coming – but cards not included
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
0
Comments
-
It's not only cards that haven't been considered. For starters, sorting out Internet access often takes a week. You'd be mental if you started using a bank account, or asked for a switcher service to start moving things for you before you are able to look at your account, or at least have telephone banking sorted out (which again can easily take a week to sort out).
Other aspects that I have not seen addressed are- how will CPAs be handled?
- what will happen to irregular incoming payments to the old account (e.g. tax refunds)?
- what is the guidance to people about "linked accounts" - presumably they will have to change this themselves?
Also, a blanket "if you are unhappy, then switch" isn't really helpful. People should analyse why they are unhappy, and what they themselves can do to improve the situation. For instance, if the unhappiness is caused by overdraft or unpaid item charges, the answer isn't to switch but to sort out their own money management.0 -
...and in light of my current switch in progress from NatWest to Santander, after 15 working days still not complete due to shortcomings with various merchants' switching processes -two still not set up on the new account and one failed and has been reinstated on the old account! Plus my old bank have given the details of at least 7 expired DDs to Santander !
7 WORKING DAYS ? I don't think so!!0 -
Archi_Bald wrote: »
- how will CPAs be handled?
Archi_Bald wrote: »- what will happen to irregular incoming payments to the old account (e.g. tax refunds)?
Archi_Bald wrote: »- what is the guidance to people about "linked accounts" - presumably they will have to change this themselves?
If so, and you terminate your current account with that provider, then presumably you'll need to close any such additional accounts too (or perhaps the bank will when they find out you have terminated your current account with them)0 -
brewerdave wrote: »...and in light of my current switch in progress from NatWest to Santander, after 15 working days still not complete due to shortcomings with various merchants' switching processes -two still not set up on the new account and one failed and has been reinstated on the old account! Plus my old bank have given the details of at least 7 expired DDs to Santander !
7 WORKING DAYS ? I don't think so!!0 -
So what happens if you switch several times? Will you be able to get a payment to the oldest account forwarded through 10 different banks?0
-
Why on earth would anyone think debit cards were included...?urs sinserly,
~~joosy jeezus~~0 -
JuicyJesus wrote: »Why on earth would anyone think debit cards were included...?
The promise touted - e.g. on the Payments Council website - is that it will take a week to switch current account. According to the Payments Council, your old account will get closed by the switcher service.
So why on earth would anyone not think that switching current accounts includes a debit card for the new account?0 -
Archi_Bald wrote: »The promise touted - e.g. on the Payments Council website - is that it will take a week to switch current account. According to the Payments Council, your old account will get closed by the switcher service.
So why on earth would anyone not think that switching current accounts includes a debit card for the new account?
Agree. Most people would think that a new account means new cards, so will expect it to be included. Plus, if your old account is closed (though not technically closed as it will re-route payments into the account for 13 months), and your new debit card hasn't been made yet, how are people - and there are probably millions who only have one account - expected to buy things?0 -
http://www.paymentscouncil.org.uk/switch_service/faqs/
I wouldn't be selecting the earliest date possibleHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
The article says currently switching takes 18 - 30 working days0
This discussion has been closed.
Categories
- All Categories
- 342.2K Banking & Borrowing
- 249.8K Reduce Debt & Boost Income
- 449.3K Spending & Discounts
- 234.4K Work, Benefits & Business
- 606.7K Mortgages, Homes & Bills
- 172.7K Life & Family
- 247.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards