Would portable bank account numbers make you more likely to switch?

Former_MSE_Debs

Poll started 29 May 2012, click here to vote
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[/FONT] If portable bank account numbers - which move banks with you, just like mobile phone numbers can – were introduced, would it make you more likely to switch to a new bank?
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[/FONT][FONT=&quot]Which of these is nearest to your answer?[/FONT]

I already switch when I want to
I never/rarely switch and this probably wouldn’t change that
I never/rarely switch and this would make me a little more likely to
I never/rarely switch and this would make it much more likely


Click 'post reply' to discuss below. Thanks


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KierNet

I voted 'I never/rarely switch and this would make it much more likely'.

Its a pain having to sort out getting paid into a new account, remembering which DB need to be sorted etc.

BNT

I don't see how portable bank account numbers would make switching any easier. You'd still have to change all your standing orders, direct debits, payroll data, etc, as those are tied to the account itself (bank, sort code or SWIFT #, and account) and not just based on the account number. In fact a different account number is a minor hassle compared with transferring over everything else.

If I take my cellphone number to a new network people can still get through to me on that number; if I take my account number to a new bank my salary isn't going to get to me unless I notify payroll.

salad-bowl

Exactly what I was thinking, BNT. I don't see the advantage unless I'm missing something. If all the direct debits, etc were linked to the Account Number in some way I suppose it might help some people. I haven't switched banks recently, but I thought they all claim to do the transfer of DDs, etc on your behalf. The paying in, of course, you have do yourself at the moment. I think I prefer it that way - I least I know where the money is going!

MSE_Martin

BNT wrote: »

I don't see how portable bank account numbers would make switching any easier. You'd still have to change all your standing orders, direct debits, payroll data, etc, as those are tied to the account itself (bank, sort code or SWIFT #, and account) and not just based on the account number. In fact a different account number is a minor hassle compared with transferring over everything else.

If I take my cellphone number to a new network people can still get through to me on that number; if I take my account number to a new bank my salary isn't going to get to me unless I notify payroll.

That isn't quite the idea.

When you change bank accounts there are two factors that need changing

1. The people you pay.

This is already done pretty well - you get a new card from the new bank. Your standing orders and direct debits are moved by the 'switching services' that banks operate. The only thing left may be older recurring payments but under the proposed bank account system that should be sorted.

2. People who pay you

Currently this is the bit you have to sort out manually - by notifying your employer and anyone else who pays you in money (savings interest, other investments etc).

The idea of portable bank accounts is a seemless move from one bank to another so that the payments will automatically go to your bank account (there are technical ways to solve the mismatched sort code issue that are being discussed)

Martin

BNT

That's a very different proposition. A portable account is far more than just a portable account number, which is what was being polled. That would definitely make switching less hassle. No doubt the banks would argue that it is not practical, but I imagine it is possible with modern technology.

wozearly

BNT wrote: »

That's a very different proposition. A portable account is far more than just a portable account number, which is what was being polled. That would definitely make switching less hassle. No doubt the banks would argue that it is not practical, but I imagine it is possible with modern technology.

I don't have a problem with the poll question, particularly given that it uses the example of mobile phones which are able (in principle) to operate in this way, transferring between devices and/or providers.

On the practicality side, I doubt the major banks will be rushing to do this as it carries more potential costs and risks than benefits. But there's no reason a workaround can't be found, if they're committed to making it work.

BNT

I didn't intend to imply I had a problem with the poll question. In fact I responded to it early on.

VoucherMan

I opted for the probably wouldn’t change just because the cynic in me can't see it happening. Or at least if such a system does become available then the days of Highstreet Bank PLC offering £200 to switch to them will become a rarity.

jud!th

I change when I want to, but this would make it so much less hassle.

nickorossa

People use mobile phone numbers significantly more than they use their bank account numbers (i.e. actually use the numbers not the accounts temselves). How often do you actually recite your bank details to someone; or feel the need to remember them? Not very often. Usually its all done automatially off the card for you. If you had to enter the account number everytime you made a transaction on your card, then that would be more of a comparison.

Mobile phone numbers are used significantly more. I frequently type the numbers I use as its quicker than searching.

Personally I'm happy with all my banking suppliers at the moment, so switching isn't a consideration.