First direct question

BugsyBrowne

My OH has just been accepted for FD and it's accepted her with an overdraft of £500 what happens next as we put it down as wanting the switching service but didn't have to fill out any of her direct debits etc online.

Everytime I've switched I've transferred everything myself so don't how this works.

Cheers

HeadAboveWater

Check this out and probably give them a ring. They usually answer within 2 or 3 rings

ehlo

They send a switching form in the post with the welcome pack.

You may be able to get them to start the switch quicker by calling them though

BugsyBrowne

Cheers peeps.

[Deleted User]

I tried getting them to switch earlier by phoning them but it didn't make any difference. The way it works is that they will get all your direct debit agreements from your old bank and a list of them will one through with your welcome pack. All you have to do is check the list and make sure that they're all on there. If you're happy with the DD list then thats it, you don't have to send it back in, it's all done automatically.

After the switch it might be worth just checking with the DD companies though as sometimes they fail to update their records - I had this with O2. First direct had instructed them to change the details but they didn't - worth having funds to cover DDs in both accounts until the first payments have come out of FD.

nick1970

I recently changed as well, I applied over the phone and the switching service couldn't have been easier.
FD will contact your old bank and ask for all the details of your existing DDs and then basically thats it!
You will get whats called a switching date and in a nutshell that date is when all your DDs will be taken out from your new FD account,anything that you have due out before that date,even if its just one day will come out of your old account so don't whatever you do close your old account until the switching process has been completed.
You will need to keep an eye on your DDs as certain companies like Virgin Media and Orange are known for taking ages to send acknowledgement of the new DD details(according to FD).
I switched about 15 DDs and apart from a few teething problems which were nothing to do with FD everything went super smoothly :T

Ps. I never used the switching form, all they need is your old bank account number and they can get all your DD mandates from that.
Just to add you will also receive in the post a list of all the mandates that are going to be set up on your new FD account once your old bank has sent over the details.
In my case from phoning them to most of the DDs being set up was less that one week, I guess its all done electronically.
You will also be able to log into your account on line from day one and if you go to the DDs section you will start to see your new mandates appear one by one as they are set up.

Nick

HTH

annielyn

I'd just add that it's worth keeping an eye on both your old bank account and the new FD account, if you have online access to both , for the first month or so.

We also had a problem with virgin media not taking the DD on our FD account and when I rang up to query it they said the old DD had been cancelled and that I had an unpaid balance on the account. Was able to pay this by DC over the phone and gave them the new bank details to set up for next month.

Had the same thing with our water rates and a house insurance DD so it's worth checking regularly until you've had a full month of correct payments.

We also had a problem getting our wages paid in to this account, even though we completed the FD Income transfer form and sent to our employers, this still has not been set up 2 months later.

Having said all that, FD are very on the ball if you have problems and will do their best to help you get everything sorted out.

BugsyBrowne

Very quick service from FD applied Thursday and the debit card & white welcome pack 1st account has just come through the door.

MoneySaverLog

They'll now send you a tree :-)

BugsyBrowne

MoneySaverLog wrote: »

They'll now send you a tree :-)

A tree??? Am I missing something.

nick1970

BugsyBrowne wrote: »

A tree??? Am I missing something.

No, they are just sending you your own personal branch