Switch to Santander

AliceBanned

Hi all

I applied to switch to Santander yesterday (mainly for £100 cashback and also to get hopefully 0% on my overdraft). I currently have Halifax Reward account which I'm happy with but am struggling to pay off the o/d which is costing me £1 a day - all would help me work towards getting out of debt. According to Santander they pay up to £300 cashback and I should be eligible for £100 but in their response (saying they have opened an account) they make no mention of the cashback - I'd like it at least confirmed.

Also 7 years ago I had a default with Abbey which I couldn't repay - no longer on my file and my situation has improved a lot. Abbey passed the debt on to a debt collector so would this be an issue now? I just wonder whether they would try to reclaim this - I know it's cheeky of me to go back to them now but I don't have any other option. Tried First Direct before and been declined.

To be honest I was surprised Santander even accepted me but my credit score isn't too bad. I have also moved since I banked with them so they may not have registered that I am previous defaulter. I am wonder with all this anxiety about them whether I should just stay with Halifax. Also have my credit card with Halifax. Not sure whether I can cancel it now - looks like they've opened the account already!:eek:. Thanks for any help.

AliceBanned

:mad:I've spoken to Santander this afternoon and apparently no cooling off period. I said I might want to reconsider depending on what o/d I am offered, and the guy said no I can't I've switched and that's it! I've phoned FSA who told me to speak to a manager. I only switched yesterday and didn't realise it was absolutely binding, with no cooling off period, even before I know what the o/d will be. If they make me switch and don't offer me sufficient o/d I'll be in trouble as I have £700 with Halifax now. What a mess! I'm so upset. It may be my fault but I do think the process is a bit pushy to say the least. . If anyone could advise i'd appreciate it.

ses6jwg

Go into your local branch with ID and they'll tell you what is going on.

AliceBanned

Thanks. I hope to see them on Fri and sort it out. So confusing. I thought it would be straightforward, my last current account switch was so simple.

pmduk

They can't make you switch. Make sure the Halifax know that you aren't closing that account then close the santander account as soon as it's opened. If you've signed a salary mandate tell your employer you've cancelled it.

AliceBanned

pmduk wrote: »

They can't make you switch. Make sure the Halifax know that you aren't closing that account then close the santander account as soon as it's opened. If you've signed a salary mandate tell your employer you've cancelled it.

That's what I thought. I haven't signed a salary mandate and told the guy in Santerder switch dept that I won't, definitely not before I have full details of the account. he just kept saying "it's all on the website" and I kept saying "details of my account are not on there - just general details" and explained I need to know about the overdraft. It's so silly, that he insisted that there was no going back. What's the point in them being like that with a new customer, telling them they can't leave? Bound to make anyone run a mile.

By the way the Santander account was opened today, just one day after I applied, with no notice, and the moving of direct debits has begun. I can't stop that apparently.

Biggles

Once the account is up and running, just do enough to qualify for the £100 and keep both accounts running. They can't 'close' your Halifax account, all you've given them authority to do is to transfer your DDs and maybe SOs.

If you so decide, at a later date, you can ring up the DD payees and notify them of a change back to your Halifax a/c. SOs can be done by you online.

Most of us have done it several times. It's the banks' game, they can't object if we play it by their rules......

missile

AliceBanned wrote: »

That's what I thought. I haven't signed a salary mandate and told the guy in Santerder switch dept that I won't, definitely not before I have full details of the account. he just kept saying "it's all on the website" and I kept saying "details of my account are not on there - just general details" and explained I need to know about the overdraft. It's so silly, that he insisted that there was no going back. What's the point in them being like that with a new customer, telling them they can't leave? Bound to make anyone run a mile.

By the way the Santander account was opened today, just one day after I applied, with no notice, and the moving of direct debits has begun. I can't stop that apparently.

I hope you have enough money in BOTH accounts to cover DD during the transition period or you may incur charges if you go overdrawn.

Hasty1991

1. There will be no info re: the cash back in your application bumph.

2. As far as I recall you do have a cooling off period - 14 days. If I remember incorrectly and you don't, so what, just an empty account sitting there/to be closed. (see point 4)

3. They will match your overdraft up to £5000 providing you give evidence of your existing o/d.

4. You can cancel the switch request at any time by contacting the new bank - in this case Santander.

5. The switching process doesn't close your existing account so need to worry about your old o/d.

6. Breathe a little

AliceBanned

Thanks for point 6, much needed.:(

Point 4 - this is what I have tried to do - Santander refuse. But I will go into a branch and try, maybe at lunch time today.

IrishGypsy

The switching process CANNOT BE CANCELLED once it's been inititaed (so that bit is actually correct),other than by closing the Santander account (unfortunately). This is your only option to ensure that the switch doesn't take place.

Santander don't close your old account as there's no option on the switcher mandate to do this, so all Santander switcher customers must close their own accounts with their old bank.