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

Herbalus

pqrdef wrote: »

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.

It's sure going to make "switching" for perks a lot more difficult. Though I suppose that while it is to the consumer's detriment, a process of switching accounts whereby you don't actually switch your whole banking isn't actually switching.

DragonQ

Indeed, the banks are obviously not going to be happy with the few of us on here that switch regularly just to get cashback and incentives without really moving our primary banking accounts. But, you know, that's what happens when you offer these kinds of deals. There'll always be those that figure out how to exploit them to their maximum potential.

I've moved some direct debits around in preparation for switching to Halifax soon for the £100 and £5pm reward.

Archi_Bald

DragonQ wrote: »

I've moved some direct debits around in preparation for switching to Halifax soon for the £100 and £5pm reward.

I heard some people are opening some new accounts, with appropriate DDs all in place, ready for new offers to appear

dalesrider

pqrdef wrote: »

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.

13 months is a favourite figure in the banking world. PSD 13 months.
I think its to do with after 13 months any yearly DD will have cleared.

You think these are monitored by computers :rotfl: These requests will go to internal accounts and will be worked by real people.

I can see cases where people will have switched a few times and money has to be moved from bank to bank to bank...

pqrdef

dalesrider wrote: »

These requests will go to internal accounts and will be worked by real people.

I wondered who was buying the sloping desks and inkwells

DragonQ

Archi_Bald wrote: »

I heard some people are opening some new accounts, with appropriate DDs all in place, ready for new offers to appear

It's just annoying that most of them require DDs. The first time I switched for a reward it only required SOs (Co-Op I think), which can obviously be set up any time. Moving DDs can take a while.

pinkdalek

DragonQ wrote: »

It's just annoying that most of them require DDs. The first time I switched for a reward it only required SOs (Co-Op I think), which can obviously be set up any time. Moving DDs can take a while.

I don't, in fact I welcome it, stops carpet baggers milking the system.

Moving DDs takes a while? You just contact the company direct and depending on when payment is next due it would go the same month or the following one. Either way they advise you which account it is going to be taken from.

Archi_Bald

pinkdalek wrote: »

I don't, in fact I welcome it, stops carpet baggers milking the system.

Moving DDs takes a while? You just contact the company direct and depending on when payment is next due it would go the same month or the following one. Either way they advise you which account it is going to be taken from.

Or you just set up some convenient DDs. https://forums.moneysavingexpert.com/discussion/4168667

DragonQ

pinkdalek wrote: »

I don't, in fact I welcome it, stops carpet baggers milking the system.

Moving DDs takes a while? You just contact the company direct and depending on when payment is next due it would go the same month or the following one. Either way they advise you which account it is going to be taken from.

Exactly, moving monthly DDs takes up to a month (depending on when you do it). Could easily mean missing out on an offer. I moved two last week but neither comes out for 2 more weeks and they haven't appeared on my new account yet.

pinkdalek

DragonQ wrote: »

Exactly, moving monthly DDs takes up to a month (depending on when you do it). Could easily mean missing out on an offer. I moved two last week but neither comes out for 2 more weeks and they haven't appeared on my new account yet.

Gutted for you..........:beer: here have a pint on me to compensate