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  • FIRST POST
    • Sponge_Cake
    • By Sponge_Cake 10th Jun 17, 7:36 PM
    • 46Posts
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    Sponge_Cake
    TSB switch
    • #1
    • 10th Jun 17, 7:36 PM
    TSB switch 10th Jun 17 at 7:36 PM
    I have switched banks to TSB and they have now requested I go into a branch with my proof of ID which I will be doing this week.

    I have read through the terms and conditions for receiving the £130 and it says I need to switch all my direct debits and any credit cards over which creates the full switch, otherwise I won't be eligible for the financial incentive.
    I was under the impression this was all done automatically when you a switch current account to a new bank, I don't remember needing to manually switch anything when I moved from Halifax to the Co-op who I currently have my current account with.
    I assumed that all the direct debits and my current balance would be transferred to my new account.

    Also one more thing, if my salary gets accidentally paid into my old account (as the switch may coincide with me getting paid this month which means my employer won't have had a chance to input the new bank details) how long will it take to come over into my new account?
Page 1
    • YorkshireBoy
    • By YorkshireBoy 10th Jun 17, 7:42 PM
    • 29,394 Posts
    • 17,174 Thanks
    YorkshireBoy
    • #2
    • 10th Jun 17, 7:42 PM
    • #2
    • 10th Jun 17, 7:42 PM
    I have read through the terms and conditions for receiving the £130 and it says I need to switch all my direct debits and any credit cards over which creates the full switch, otherwise I won't be eligible for the financial incentive.
    Originally posted by Sponge_Cake
    Doubt it very much. Maybe read the T&Cs again?
    Also one more thing, if my salary gets accidentally paid into my old account (as the switch may coincide with me getting paid this month which means my employer won't have had a chance to input the new bank details) how long will it take to come over into my new account?
    Should be same day.
    • Sponge_Cake
    • By Sponge_Cake 10th Jun 17, 8:03 PM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    • #3
    • 10th Jun 17, 8:03 PM
    • #3
    • 10th Jun 17, 8:03 PM
    Sorry I meant credit card payments! Not just credit cards.
    • bigadaj
    • By bigadaj 10th Jun 17, 10:44 PM
    • 9,961 Posts
    • 6,358 Thanks
    bigadaj
    • #4
    • 10th Jun 17, 10:44 PM
    • #4
    • 10th Jun 17, 10:44 PM
    Sorry I meant credit card payments! Not just credit cards.
    Originally posted by Sponge_Cake
    Presumably you mean credit card direct debits, which will also be automatically transferred when you switch.

    You can of course have multiple current accounts and switch those so long as you meet the terms and conditions, often a good idea to keep a primary account with one institution to show stability.
    • Sponge_Cake
    • By Sponge_Cake 11th Jun 17, 12:01 AM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    • #5
    • 11th Jun 17, 12:01 AM
    • #5
    • 11th Jun 17, 12:01 AM
    They've sent me an email saying I need to go into a branch with two forms of ID. Is this normal? Will I still get to switch and receive the bonus? I don't remember doing this when I switched to the co-op.
    • Sponge_Cake
    • By Sponge_Cake 11th Jun 17, 9:22 AM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    • #6
    • 11th Jun 17, 9:22 AM
    • #6
    • 11th Jun 17, 9:22 AM
    Also, they didn't ask me for my old account details when I applied, so how do they know where they are transferring the money and account details from?
    I thought that was the whole point in the full switching service. Will they ask me that in branch?
    • YorkshireBoy
    • By YorkshireBoy 11th Jun 17, 9:39 AM
    • 29,394 Posts
    • 17,174 Thanks
    YorkshireBoy
    • #7
    • 11th Jun 17, 9:39 AM
    • #7
    • 11th Jun 17, 9:39 AM
    In your OP you said "I have switched banks to TSB". You quite clearly haven't if you haven't even completed a switch instruction form. All you've done so far is apply for an account.

    If I click the MSE link, the TSB landing page says...
    To qualify for £130, you must first complete the account application and then the separate online switching form.

    http://www.tsb.co.uk/cashback-money-saving-expert/?WT.mc_id=1613487%7C152316154%7C322563276%7C0
    So do you have online access yet? If not, then that's your priority.
    • Sponge_Cake
    • By Sponge_Cake 11th Jun 17, 10:27 AM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    • #8
    • 11th Jun 17, 10:27 AM
    • #8
    • 11th Jun 17, 10:27 AM
    Thank you.

    How do I find the separate online switching form? I can't find it anywhere on the website or link.
    • eDicky
    • By eDicky 11th Jun 17, 10:37 AM
    • 2,786 Posts
    • 1,211 Thanks
    eDicky
    • #9
    • 11th Jun 17, 10:37 AM
    • #9
    • 11th Jun 17, 10:37 AM
    How do I find the separate online switching form? I can't find it anywhere on the website or link.
    Originally posted by Sponge_Cake
    It will be in your TSB account online banking.
    • Sponge_Cake
    • By Sponge_Cake 11th Jun 17, 11:24 AM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    I can't access online banking yet as I have to show my ID at a branch, before I am accepted to fully open the new current account.
    I'm going to the bank tomorrow to sort it out.

    Oh this is all so confusing.
    Do you think it'll stop me from getting the £130 bonus?
    • YorkshireBoy
    • By YorkshireBoy 11th Jun 17, 11:48 AM
    • 29,394 Posts
    • 17,174 Thanks
    YorkshireBoy
    I can't access online banking yet as I have to show my ID at a branch, before I am accepted to fully open the new current account.
    I'm going to the bank tomorrow to sort it out.

    Oh this is all so confusing.
    Do you think it'll stop me from getting the £130 bonus?
    Originally posted by Sponge_Cake
    If you meet all the T&Cs, no. If you're happy you will, then the only thing stopping you will be the switch deadline. When do you have to complete by?
    • badger09
    • By badger09 11th Jun 17, 12:21 PM
    • 5,122 Posts
    • 4,337 Thanks
    badger09
    According to the link in YorkshireBoy's post 7, the deadline for switching for this incentive in 14th July.

    So stop panicking, get your ID to the branch and take it from there.

    It isn't really confusing. Switching is always a 2 step process:

    Step 1 apply (and be approved) for a new account with the incentive providing bank

    Step 2, once the new account is open, complete the online/paper switching form/telephone call (depending on the bank) and choose your switch date.

    Then let the new bank get on with it.

    You asked earlier about your salary going to the wrong account. The new bank will notify them and any payments going to your old bank will be forwarded for 3 years. But, you can use 'belt and braces' and tell your employer your new bank details once the account is up and running.
    • Johntea
    • By Johntea 11th Jun 17, 2:23 PM
    • 1,095 Posts
    • 305 Thanks
    Johntea
    I've just signed up this morning for this too, all OK went straight through just awaiting the stuff in the post to arrive now.

    With regards to the switching, I currently have 2 current accounts with HSBC. Ideally I want to keep my main current account where my salary etc get paid in and just transfer my secondary current account across to TSB. My only problem then is the direct debits as they're currently linked up to my main current account, can I set them up fresh on TSB straight away or do they have to be 'switched' to qualify for the bonus?
    • YorkshireBoy
    • By YorkshireBoy 11th Jun 17, 3:08 PM
    • 29,394 Posts
    • 17,174 Thanks
    YorkshireBoy
    I've just signed up this morning for this too, all OK went straight through just awaiting the stuff in the post to arrive now.

    With regards to the switching, I currently have 2 current accounts with HSBC. Ideally I want to keep my main current account where my salary etc get paid in and just transfer my secondary current account across to TSB. My only problem then is the direct debits as they're currently linked up to my main current account, can I set them up fresh on TSB straight away or do they have to be 'switched' to qualify for the bonus?
    Originally posted by Johntea
    Doesn't condition 1d (first five words!) of the incentive T&Cs answer your question? Might be a good idea to read them again, just in case you missed anything else? £130 is a lot of money!
    • Sponge_Cake
    • By Sponge_Cake 11th Jun 17, 10:04 PM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    Did you not need to go into a branch with proof of ID before completion?
    • YorkshireBoy
    • By YorkshireBoy 11th Jun 17, 10:09 PM
    • 29,394 Posts
    • 17,174 Thanks
    YorkshireBoy
    Did you not need to go into a branch with proof of ID before completion?
    Originally posted by Sponge_Cake
    The number of applicants being asked to pop into branch with ID will be very much in the minority.

    The reason you may have been asked is most likely due to a 'thin' credit file and/or Electoral Roll issue and/or not enough address history.
    • Sponge_Cake
    • By Sponge_Cake 12th Jun 17, 8:27 AM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    The number of applicants being asked to pop into branch with ID will be very much in the minority.

    The reason you may have been asked is most likely due to a 'thin' credit file and/or Electoral Roll issue and/or not enough address history.
    Originally posted by YorkshireBoy
    Okay, thanks.
    It must be an address issue, as I did my experian credit check last week and it was 940 out of a possible 999.
    • EachPenny
    • By EachPenny 12th Jun 17, 9:18 AM
    • 2,105 Posts
    • 3,044 Thanks
    EachPenny
    Also one more thing, if my salary gets accidentally paid into my old account (as the switch may coincide with me getting paid this month which means my employer won't have had a chance to input the new bank details) how long will it take to come over into my new account?
    Originally posted by Sponge_Cake
    As it appears you haven't yet started the switch you still have the opportunity to decide on the best switch date to suit you. It is best to pick a date when you have least activity on your account as it minimises the potential for problems. I would avoid pay day and dates at the start/end of the month too.

    ...as I did my experian credit check last week and it was 940 out of a possible 999.
    Originally posted by Sponge_Cake
    Which might be because you have a thin(ish) credit file. The score you have is rather meaningless, certainly when it comes to ID checks.
    "In the future, everyone will be rich for 15 minutes"
    • Sponge_Cake
    • By Sponge_Cake 12th Jun 17, 4:21 PM
    • 46 Posts
    • 3 Thanks
    Sponge_Cake
    So I don't have a good credit score? I was quite pleased with that result.
    Why is it meaningless?
    • eskbanker
    • By eskbanker 12th Jun 17, 5:09 PM
    • 5,466 Posts
    • 5,270 Thanks
    eskbanker
    So I don't have a good credit score? I was quite pleased with that result.
    Why is it meaningless?
    Originally posted by Sponge_Cake
    Because nobody sees it, other than you and the company making it up.

    Prospective credit providers will ask for certain information from credit rating agencies but they'll only be interested in actual cold hard facts (available credit, total debts, credit conduct, etc) rather than artificial numbers that are only created as a means of selling the rating agency's services.

    Edit: if you read the careful wording at http://www.experian.co.uk/consumer/experian-credit-score.html you'll see that they don't actually claim that their score is used by anyone else and on the contrary it's clear that providers use their own calculations:
    What is a credit score?

    A credit score is a number that reflects the likelihood of you paying credit back. Lenders like banks and credit card companies will look at your credit history when they calculate your credit score, which will show them the level of risk in lending to you. The higher your credit score, the more chance of being accepted for credit, at the best rates.

    Your credit score influences your chances of getting:
    Credit card, loans and mortgages
    Car financing
    Gas & electricity monthly payments
    Mobile phone contracts
    Insurance monthly payments
    Property rentals

    How does a credit score work?

    Whenever you apply for credit, the lender will check your borrowing history and how you typically repay money you’ve borrowed. This happens when you apply for credit such as a loan, credit card, mortgage, car finance… even a mobile phone contract.

    They’ll look at your credit history which is based on your credit report and will show things like if you have a mortgage, how much you owe on credit cards and if you’ve missed payments in the past.

    This is combined with the other information you fill in on the credit application form, and past information they’ve got on you (for example, if you’re an existing customer) the lender will then decide if they’d like to lend you money.

    Each lender uses a slightly different lending criteria, so make sure you look around for a deal that you’re more likely to be accepted for as well as being best suited to you and your credit history.
    Last edited by eskbanker; 12-06-2017 at 5:21 PM.
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