How easy is it to switch bank accounts nowadays?

Gandalfthegrey

We currently have a Halifax account with an arranged overdraft. As some of you probably know Halifax recently introduced an overdraft fee of £1 per day. We aren't currently overdrawn, but that's not the point - the charges are too much.
Anyway we want to switch. Most banks offer to do it all for you but something tells me that this wont run as smoothly as they make out.
Has anyone had experience with switching? do you think we should just do it all ourselves (yes a pain but at least we know it has been done) or should we just trust the bank to do it?

Many Thanks

coolesticeking

It all depends really on the company which the Direct Debit is held.. I've found in the past it's either policy for a company not to accept these Direct Debit Transfer requests for security and they wan't to speak with you or they use systems that old it will not update the Direct Debit Details without setting up a new mandate again needing to speak with you.

I found that 90% of my Direct Debits went across themselves, but for the rest I had to call anyways due to the above reasons.

I would have done it myself and have done since for my own peace of mind.

They gave me a date on which all my Direct Debits would be moved to the new account, they all appeared a week before this and some even started to take money before this date! I was lucky that I had read these forums before and found out about this, I put money into the account "incase" and good job I did!!

I thought it was a great idea but the way it worked for my own peace of mind would just do it myself again if I need to.

At least you know you have done the job yourself, it can be a pain as sometimes you get Direct Debits that are half between the dates they give you... You don't know if it's going from the old account, new one blah blah blah...

Really up to you, but I would D.I.Y

pmduk

I've always done it myself and found it more reassuring to know that it's been done. A friend is currently having major problems switching from Santander to Lloyds TSB, using the bank's switching service..

circuit

Beware of the bank's switching service. When I moved from HSBC to Halifax a Direct Debit bounced (£10 to Barclaycard) and now I have a late payment on my credit file. I have worked really hard to keep my payment history clean after having an absolutely trashed report about ten years ago, and this is the only late payment that shows from the last six years.

coolesticeking

circuit wrote: »

Beware of the bank's switching service. When I moved from HSBC to Halifax a Direct Debit bounced (£10 to Barclaycard) and now I have a late payment on my credit file. I have worked really hard to keep my payment history clean after having an absolutely trashed report about ten years ago, and this is the only late payment that shows from the last six years.

A lot of people have said this with credit cards, really not worth it...

deefadog

I would move the DD yourself, don't use any services, they always mess them up!

Mags_cat

I've just switched my main current account from Lloyds to First Direct. There were no overdrafts involved.

I have 9 monthly D/Ds and 3 annual ones. FD switched everything for me.

The only issue I had was my gym, who failed to respond to FD's instructions, so I had to pay one month's subs direct and fill in a new form at the gym. I know FD sent the instructions out, as they sent me copies of the correspondence to prove it.

FD have been brilliant, a couple of weeks after the switch date they sent me a letter with the details of who had yet to collect so that I could check everything.

I have kept my old account open - it's a Vantage and will now be used for savings. I would recommend you do that and keep some funds in it so that if there are any issues in the first month nothing will bounce.

Gandalfthegrey

Looks like the majority of people here have had issues, just as I thought, so for peace mind i'll do it all myself.

Thanks for your advice

jen245

I did my switch from Santandire, to Natwest myself, and all went like clockwork. You might miss out on joining bonuses by not using your chosen new banks switching service, however I think the peace of mind, knowing that you are in control of it is worth the sacrifice

Cmdr_Bond

pmduk wrote: »

I've always done it myself and found it more reassuring to know that it's been done. A friend is currently having major problems switching from Santander to Lloyds TSB, using the bank's switching service..

I suspect that is more Santander's fault than Lloyds, but ya never know.

jen245 wrote: »

I did my switch from Santandire, to Natwest myself, and all went like clockwork. You might miss out on joining bonuses by not using your chosen new banks switching service, however I think the peace of mind, knowing that you are in control of it is worth the sacrifice

100% agree, and when I finally get some time I will do the lot myself too. (especially as I am also moving from SAnTANder:rotfl:)

missile

It is easy to switch. Let the bank do it then check it has been done properly. Be sure to keep enough funds in your old account to avoid going overdrawn.