switching current accounts

ctarry

I am thinking about changing my current account from TSB to either halifax or santander

i have direct debits which will need to be changed, but i see that the new bank would do that for me.

does this take a long time?

has anyone had bad experiences with changing accounts, or do things normally run smoothly?

I think this would be the best time to set up a new account as my payments leave my account on the 1st of every month

thanks

emma396

I regularly switch accounts and get banks to transfer direct debits / standing order for me, usually all runs pretty smoothly, but I always oversee things on the internet to make sure!! (Some call me a control freak)

New bank is usually pretty good at giving you a large overdraft at the start to tide you over incase money is in old acc. etc.

Btw, you're right, now is probably a good time!! Good luck :beer:

coolesticeking

The problem with the Direct Debit side of things is not every company will update the details to your new Sort Code/Account and they say this is either because the company is using old/outdated/paper software for it's Direct Debit's or they feel it's a security issue and prefer the Customers to contact them direct to set-up a new Direct Debit.

I found that 90% of my Direct Debits went over but a few were a pain, and to be honest it caused more problems as I got charged for some bouncing (although after a lot of work I managed to get these charges lifted).

After that, I have done them myself each time. I find it easier because you are in full control and at least you do have confirmation that you have changed the Direct Debit details and can ask questions like will it be set-up in time for my next payment, should I make a manual payment? etc etc.

But, at the end of the day it's up to you how you deal with this. Some people will just say go ahead - and like me I just like to do it myself now after the problems that I faced.

jalexa

coolesticeking wrote: »

After that, I have done them myself each time. I find it easier because you are in full control and at least you do have confirmation that you have changed the Direct Debit details and can ask questions like will it be set-up in time for my next payment, should I make a manual payment? etc etc.

The best way. The "clued-up" paperless Originators can be manually sorted in an hour or so, generating the mandatory "hard copy" confirmation. A few "dynasaur" Orginators (the very ones bank's so called "auto transfer" struggle with anyway) take longer, but as you say you have full control.

One gripe I have is that Natwest/RBS don't show a new arrangement until after the first collection. HBOS show before (or used to).

Of all the transfers I have allowed a bank to manage, not a single one was flawless. Some of the problems were not of the bank's making, though arguably of "banking's making" - credit card minimum payments due in less than the direct debit setup period would fail to make the payment by the due date. Any idea that pages and pages of small print in bank terms & conditions represent an all knowing competence is just rubbish. As complaint outcome data demonstrates.

ctarry

Many thanks for the replys

when it comes to the bank transfering direct debits to a new account on your behalf, do they notify you when the changes have been done, or the companies that you are paying?
or is it your responsibility to check?

thanks

jalexa

ctarry wrote: »

when it comes to the bank transfering direct debits to a new account on your behalf, do they notify you when the changes have been done, or the companies that you are paying?
or is it your responsibility to check?

In the order asked, No,Yes,Yes.

The "problem" is that the bank sends an electronic communication via BACS (easy). How well it works depends not on how well the bank does the easy bit but how competently each Originator responds. And that is impossible to be certain about in advance.

TBH, this is so easy for you to do manually you might as well try. And it is good confidence building practice.

And another tip in passing, unless you are confident earnings are always credited by the 1st, think about requesting dates a few days later, perhaps prioritising essential payments first.

Twister84

jalexa wrote: »

One gripe I have is that Natwest/RBS don't show a new arrangement until after the first collection.

If the bank has been instructed of the payment, staff can see the instruction on the system, however it doesn't show amounts or dates - just who it's going to.