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MSE News: Faster current account switching is coming – but cards not included
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I find it totally implausible that a service which currently can take well over a month (my switch is still not complete having started on 24th July) is magically going to move to 7 working days in a few weeks time.0
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You and me both, but apparently we are just negative.0
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Archi_Bald wrote: »You and me both, but apparently we are just negative.
You're not being negative as you are positive it will fail
No doubt there will be issues, and no doubt you'll be one of the first to post them too.
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brewerdave wrote: »I find it totally implausible that a service which currently can take well over a month (my switch is still not complete having started on 24th July) is magically going to move to 7 working days in a few weeks time.
One of the main differences (or improvement) is the re-direction of salaries and benefits. It will still take certain organisations (e.g. HMRC, DWP) an eternity to change their records for the customer, however even if they still send money to old bank it will be re-directed to the new account. (for 13 months) A change is current procedures as currently that credit would be sent back to the relevant sender.
So technically speaking brewerdave it may be over a month before all parties do have the correct information.0 -
So I put my bank details on a tax form and 28 months later they get round to sending me a rebate. Even if they had any way of processing an update on the bank details, there's no way they would have received one.It will still take certain organisations (e.g. HMRC, DWP) an eternity to change their records for the customer"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
So I put my bank details on a tax form and 28 months later they get round to sending me a rebate. Even if they had any way of processing an update on the bank details, there's no way they would have received one.
They would send you a cheque if 28mths later they send monies to an old account as the funds would be returned.
Besides they would notify you beforehand of any refund, therefore you would contact them and advise of new bank details, should this situation ever arise.
If you've waited 28 months for a refund a couple more weeks isn't going to do any harm is it? I mean this scenario would still occur under the current bank switching process wouldn't it?0 -
Not if you've still got the old account. Closing the old account is the sting in the tail of the new system.I mean this scenario would still occur under the current bank switching process wouldn't it?
There's no compelling reason why redirection should be limited to 13 months. The extra cost in computing resources would be minimal. Actually I don't think bank managements understand how computers work, which is a disadvantage when running an IT-based operation."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
It's not even desirable. The new system closes the old account, automatically throwing away all of your online statement records. Better to use the existing switching schemes or do it by hand yourself. It's not exactly hard unless the banks make it harder than it needs to be with things like this new system. Hopefully they won't be withdrawing the more friendly existing systems at the same time as this comes in.Archi_Bald wrote: »I just object to people blurting out that it will take only 7 days to switch current account when in most cases this would be just a blatant lie.0 -
You make a very good point there. Wonder how the banks will be addressing that issue.It's not even desirable. The new system closes the old account, automatically throwing away all of your online statement records.Hopefully they won't be withdrawing the more friendly existing systems at the same time as this comes in.
I think we can relax because there will always be the option to open another current account and do any transfers yourself. There is no way banks can prohibit you from cancelling existing DDs, and setting up new ones.
Unless, of course, the nanny state needed to take complete control of everything in the light of nobody assuming responsibility for their own actions any longer.0 -
If you want the baseline product. But I can see the Halifax Reward only being available as a switch or an upgrade, real soon now.Archi_Bald wrote: »I think we can relax because there will always be the option to open another current account and do any transfers yourself."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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