How easy is it to switch bank accounts nowadays?

MME_2

I think a lot depends with the banks involved as well. Santander are renowned for not actioning switching details/not replying to letters/even refusing to close accounts.

pmduk

Cmdr_Bond wrote: »

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

I'm not aware of ever being wrong when blaming Santander for any of the world's problems!:)

[Deleted User]

switching is easy as 1..2..3 in most cases

pauljoecoe

Again I would give a thumbs up for First direct. They changed mine over without a glitch - about 15 DD and 7 standing orders. Only one didn't move over and that was the companies fault not FD's. They were very informative about it all.

Personally I think it would be a big hassle to do it myself. Just keep the old account open with some money in it to cover any possible issues and keep an eye on both accounts for a while.

slup_2

I switched from NatWest to FD - 17 direct debits and two standing orders.

They all migrated successfully except two direct debits and the blame for both of those can firmly be laid at the companies in question rather than FD.

I would strongly suggest monitoring the process closely though to make sure everything is in place. Also, try and select your changeover date wisely. I get paid on the 25th and all but two of my DD's come out between the 25th and the end of the month. My move was arranged for the beginning of the month which meant everyone had 25 days to get their act together. This obviously won't always be possible.

I left a buffer amount in my old account for the first month just in case any DD's were collected from that account. As it happens, there weren't - the two that failed simply never set the new DD's up at all. Once I'd seen them all be collected at least once from FD, I transferred the remaining balance from NatWest.

There is an element of personal responsibility here when you change banks. Yes, use the switching service, but it doesn't absolve you of the requirement to keep on top of things!

JSPARSONS

Gandalfthegrey wrote: »

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. ....

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I was recently overdrawn by just over £37 for 9 days due to an oversight (I almost never go overdrawn), and was charged £9. I calculated this to be equivalent to an annual interest rate of over 900% :mad:. When I spoke to Halifax customer services and pointed out this extortionate rate the advisor refused to waive the fee and said that customers who are regularly overdrawn by large amounts benefit from this policy; she then tried to sell me other services. When I said that after over 30 years with the Halifax both myself and my husband were switching our current accounts to another provider, she wasn't in the least interested in keeping our business. They clearly only want to keep and gain customers who run large overdrafts. I used to get good service from Halifax, but a series of errors, constant hard-sell and poor service in addition to this bare-faced extortion mean I have absolutely had enough.

Gandalfthegrey

I know! a while ago we went overdrawn by £12 I think? because we were charged 2x for something, anyway we didnt realise, and we were charged £10 in overdraft fees. What a joke!

stutakesphotos

missile wrote: »

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.

I think that sounds like your best approach. Best of both worlds

pmduk

Unfortunately, not everyone has the funds to overcome a bank's mistakes, probably hence the the OP's original question.

adindas

It is not that simple, I am afraid, especially if there are a lot of DD in the account.
The worst case, people get fine because the money does not arrive in time.

ADINDA