MSE News: Faster current account switching is coming – but cards not included

Former_MSE_Helen

"Bank customers will be able to switch accounts within seven working days from 16 September..."

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Faster current account switching is coming – but cards not included




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Archi_Bald

It's not only cards that haven't been considered. For starters, sorting out Internet access often takes a week. You'd be mental if you started using a bank account, or asked for a switcher service to start moving things for you before you are able to look at your account, or at least have telephone banking sorted out (which again can easily take a week to sort out).

Other aspects that I have not seen addressed are

• how will CPAs be handled?
• what will happen to irregular incoming payments to the old account (e.g. tax refunds)?
• what is the guidance to people about "linked accounts" - presumably they will have to change this themselves?

Also, a blanket "if you are unhappy, then switch" isn't really helpful. People should analyse why they are unhappy, and what they themselves can do to improve the situation. For instance, if the unhappiness is caused by overdraft or unpaid item charges, the answer isn't to switch but to sort out their own money management.

brewerdave

...and in light of my current switch in progress from NatWest to Santander, after 15 working days still not complete due to shortcomings with various merchants' switching processes -two still not set up on the new account and one failed and has been reinstated on the old account! Plus my old bank have given the details of at least 7 expired DDs to Santander !

7 WORKING DAYS ? I don't think so!!

Wywth

Archi_Bald wrote: »

• how will CPAs be handled?

Presumably the customer is expected to supply the service provider with their updated payment card details.

Archi_Bald wrote: »

• what will happen to irregular incoming payments to the old account (e.g. tax refunds)?

The switching comes with a 13 month guarantee. Plenty of time to update the likes of HMRC about your revised banking arrangements. I have to provide HMRC a tax return every 12 months.

Archi_Bald wrote: »

• what is the guidance to people about "linked accounts" - presumably they will have to change this themselves?

What do you mean by a linked account? Something like a savings account linked to that providers current account?
If so, and you terminate your current account with that provider, then presumably you'll need to close any such additional accounts too (or perhaps the bank will when they find out you have terminated your current account with them)

Wywth

brewerdave wrote: »

...and in light of my current switch in progress from NatWest to Santander, after 15 working days still not complete due to shortcomings with various merchants' switching processes -two still not set up on the new account and one failed and has been reinstated on the old account! Plus my old bank have given the details of at least 7 expired DDs to Santander !

7 WORKING DAYS ? I don't think so!!

The article says currently switching takes 18 - 30 working days

zerog

So what happens if you switch several times? Will you be able to get a payment to the oldest account forwarded through 10 different banks?

JuicyJesus

Why on earth would anyone think debit cards were included...?

Archi_Bald

JuicyJesus wrote: »

Why on earth would anyone think debit cards were included...?

The promise touted - e.g. on the Payments Council website - is that it will take a week to switch current account. According to the Payments Council, your old account will get closed by the switcher service.

So why on earth would anyone not think that switching current accounts includes a debit card for the new account?

Herbalus

Archi_Bald wrote: »

The promise touted - e.g. on the Payments Council website - is that it will take a week to switch current account. According to the Payments Council, your old account will get closed by the switcher service.

So why on earth would anyone not think that switching current accounts includes a debit card for the new account?

Agree. Most people would think that a new account means new cards, so will expect it to be included. Plus, if your old account is closed (though not technically closed as it will re-route payments into the account for 13 months), and your new debit card hasn't been made yet, how are people - and there are probably millions who only have one account - expected to buy things?

Dr_Cuckoo3

http://www.paymentscouncil.org.uk/switch_service/faqs/



I wouldn't be selecting the earliest date possible

brewerdave

Wywth wrote: »

The article says currently switching takes 18 - 30 working days

..yes -but I have a letter from Santander saying the changeover is complete dated 12th August- but that they haven't had confirmations from A,B,C etc that their records have been updated ...and there is nothing more they can do!