Switching service?

Forum_User_2

i have heard of these 'switching service' that some banks offer. they even give you a sum of cash to switch in to them. but they say you have to switch from your old bank to them.

what if you currently have lots of current accouonts can you just choose any one of them and switch to it?

also what does it mean by switch? do you lose your old account?

DrSyn

As I understand it :

1. Switch means you move any money coming in, direct debits and standing orders from your old bank to your new bank. The old bank account is then closed.

2. If you have a number of bank accounts,you can choose which bank you want to switch from.

3. You must use the new banks switching service.

4. To get the money for switching banks, you may have to meet various terms your new back will impose on you about the switch and use of this new account. This can be different for each bank.


It is number 4 which can trip you up and stop you getting the money. So you need to read the terms and conditions very carefully.

As some people on this forum have found out, if you are happy with you present bank, then switching banks just to get the "switch money" is not a good idea.

If you are not happy with your present bank, switch to a good bank. Any "switch money" is then the cherry on the cake.

Forum_User_2

Is the old account definitely closed? Do they have the power to close your old bank?

pvt

Hope it's not Santander that you're intending to switch to Forum User.

You may lose a lot more than just your old bank account. Like your sanity!

_pale_

jen245

You don't have to close your old account if you switch, although if it's one that charges monthly fees, It's advisable to close it, so you don't have any nasty surprises further down the line

[Deleted User]

switching tends to switch your standing orders and direct debits
account can be open or closed at your request and balance has to be moved by yourself

Forum_User_2

What are the requirements to switch?

What if you do not have an standings orders/DDs?

DrSyn

1.You need to get the "terms of the switch" from the bank you want to go to and read them very carefully, so you comply with them all to get the "swtch money".

2. If you have any questions about the switch get the answers from the bank you are swiching to, In black and white is best.

3. Do not assume the "switch terms" will be the same for each bank.

zppp

Forum_User wrote: »

does they give u 1 free fruits
does they give u stds or a hermitcrabs lol

:spam: reported