MSE News: Seven-day switching: Does it work? We put it to the test

Gary_Bighitter

I'm amazed (and disappointed) that Halifax were ever granted a banking license - they should never have demutualised but that's another matter... On the subject of switching, I think the lesson is that the grass is always greener. I had several years of hassle-free banking with Natwest until I moved to Barclays - the only reason I changed was because I took out an offset mortgage. Since moving to Barclays it's been one problem after another. They do not care one jot and consistenttly ignore complaints but I still won't leave them because however bad banks are, there's always an even worse one (or at least a worse experience) each time you move.

innovate

You know that you can have more than one current account? Just because you have an offset mortgage at Barclays doesn't mean you can't have a current account elsewhere. You could even have several others.

Also, if a complaint has not been processed to your satisfaction after 8 weeks, you can take it to the FOS.

dzug1

Slightly disgruntled to receive a cheque from someone who was switching only to have it bounced with my bank slapping on a charge for representing (successfully) it to their new bank

OK they refunded it when I protested but it shouldn't have happened

Baa

A friend has switched from Smile and gave me a cheque - BEFORE the switching period. Guess what? It came back "account switched" to my bank who helpfully represented it to Smile and surprise surprise it was returned again to my bank who then returned the cheque to me

At least my bank were helpful, and didn't charge me for the privilege of watching my cheque bounce around the clearing system. When I spoke to my bank they were openly scathing of the "switching guarantee" esp with cheques.

Another nail in the cheque coffin I suppose...

bumzy

Switched my account from Lloyds to Santander as i thought they were ripping me off with the £17 account fee and peanut interest on my savings. The switch should be completed in 9 days (today 21/11/13) or so I thought. I recieved all letters about online banking and phone banking codes but nothing on my card. I didn't realise the card hadn't arrived until I needed money this morning and checked the post box to see if anything had been delivered but nothing.

I called Santander and to my shock and horror, they hadn't even ordered any card for me let alone delivered it. When i complained that they've left me with no access to my money, the guy i spoke to said that was wrong as i could go into any of their branches to collect money (as though thats the cash point). He was very rude and stand offish, he said all he could do was to order a card for me which would take 7 to 10 working days to reach me, in the meantime I have to wait without access to my money and take time out of my busy schedule to always go into a branch if i need money.

If this is a sign of things to come, its not good at all. I have been offered £35 compensation which i think is a joke but have made a formal complaint and waiting for their response to it.

bebewoo

Lol Bumzy did you not read any reviews about Santander's famous incompetence before putting all of your money in their hands?

joncombe

I moved from Barclays to Halifax Reward. I did get the £100 and it went pretty smoothly and within the 7 days. The only issue was my employer wasn't informed, but I'm not sure if this is part of the service or not, so I told them and that is sorted out. I also requested a cheque book which did not arrive so had to chase this up twice. Overall I'm pretty happy. No it wasn't perfect but the important things, transferring the balance, sending out new cards, direct debits etc went smoothly.

rb10

joncombe wrote: »

The only issue was my employer wasn't informed, but I'm not sure if this is part of the service or not, so I told them and that is sorted out.

You have to wait a little while for this to happen ... your employer will send your salary to your (now closed) Barclays account. Barclays then automatically redirect it to the new Halifax account, and inform your employer of the new account number.

So it can take a little while for the message to filter through - it would have happened, had you waited a little longer. But for peace of mind it can be easier to just tell your employer anyway, as you have done.

Stillwaiting

I am about to enter month 3 of my '7 day switch' from Halifax to Santander. So far I have had 5 switch dates that have failed due to technical problems with Halifax. I have started switch number 6 today but have little confidence it will work. This is despite both banks switching teams telling me the problem has been resolved (again?).

This latest switch has worked, so in the end it took nearly two months. Now I need to fight to get back about £80 interest lost during these two months.

titch04

I just want to ask a question...

I want to switch bank accounts from natwest to halifax but with natwest i have a overdraft to pay of and loans from them aswell, i want to do the 1 week switch but i was wondering if when i change will it bring my debt to the new bank or not?