current acc switch query

mutty_hc

Hi all,

I have a query regarding switching, I am considering the halifax switch.

Basically upon switching do I need to transfer all my old DDs over, and do I need to close my old account?

It seems to infer this on the websites but want some clarification of real world use.


Thanks

grumbler

mutty_hc wrote: »

It seems to infer this on the websites but want some clarification of real world use.

Why infer? IMO it's very definite (if you want to get £100 bonus):
http://www.halifax.co.uk/bankaccounts/

Use the 'Current Account Switch Service' to transfer all the active credits and debits from the bank account that you hold with another bank and close this account.

That said, using 'Switch Service' always results in transferring everything and closing the old account: 7-day bank switching era begins: Full Q&A on - Money Saving Expert

timbo58

Make sure you double check very accurately that Halifax is paying any DD's you transfer.

They screwed mine 3 months running (different DD's), so I closed the account.
Luckily I'd left my old current account running and after a derisory offer from Halifax a complaint to the ombudsman resulted in a far higher compensation payment.

For the headaches it caused it most certainly wasn't worth the £30 bonus they paid in for the switch.

colsten

timbo58 wrote: »

Make sure you double check very accurately that Halifax is paying any DD's you transfer.

They screwed mine 3 months running (different DD's), so I closed the account.
Luckily I'd left my old current account running and after a derisory offer from Halifax a complaint to the ombudsman resulted in a far higher compensation payment.

For the headaches it caused it most certainly wasn't worth the £30 bonus they paid in for the switch.

You cannot "leave my old account running" if you use the 7-day switching service. Closing the old account is part and parcel of the service. http://www.paymentscouncil.org.uk/switch_service/

What is "the £30 bonus they paid in for the switch" - is that your compensation payment?

makemdano

colsten wrote: »

You cannot "leave my old account running" if you use the 7-day switching service. Closing the old account is part and parcel of the service. http://www.paymentscouncil.org.uk/switch_service/

What is "the £30 bonus they paid in for the switch" - is that your compensation payment?

I switched and left the old account running earlier this year. Just rang my bank and asked them, naturally they were happy to keep me as a customer. Now operating two accounts from different banks, reaping the benefits of both.

What may have helped is that my mortgage has to be paid through my old bank account or I lose the rate deal I have which is permanent and very favourable

colsten

The 7-day CASS, to which I posted a link earlier, does not allow the old account to be kept open. The switch guarantee couldn't work if the old account was kept open.

People often think opening a new current account and switching to it is just one process. This is not so - they are two entirely separate steps. You have to complete the application process successfully before you can request a switch, but you do not have to follow an application with a switch - it's entirely your choice. Up to a certain date in the switch process, you are also entitled to abandon a switch you requested - details of this will be set out in the switching terms you will receive from the new bank.

I don't know what exactly the circumstances of your switch / abandoned switch etc were, but it is of course possible to have more than one current account. Many people have half a dozen and more.

meer53

makemdano wrote: »

I switched and left the old account running earlier this year. Just rang my bank and asked them, naturally they were happy to keep me as a customer. Now operating two accounts from different banks, reaping the benefits of both.

What may have helped is that my mortgage has to be paid through my old bank account or I lose the rate deal I have which is permanent and very favourable

If your old account is still open then you haven't switched using the Current Account Switching Service (CASS) Using this service automatically closes the old account and a lot of incentive payments are paid on the condition that this service is used.

jimjames

meer53 wrote: »

If your old account is still open then you haven't switched using the Current Account Switching Service (CASS) Using this service automatically closes the old account and a lot of incentive payments are paid on the condition that this service is used.

Yes I opened a Halifax account last year and had hassle with the switch but it was before the new 7 day service.

Currently moving Nationwide account to Co-op, transfer happens tomorrow so I'll be able to report how smoothly it has gone!

timbo58

Colsten- The switch didn't specify cancelling the old account as this was about 3 years ago so that condition may well be new.
The £30 was 3 x £10 bonus payments for having my salary/dd's transferred each month.
The amount they offered in compo originally was £30, it was a great deal higher after the ombudsman stepped in.

colsten

timbo58 wrote: »

Colsten- The switch didn't specify cancelling the old account as this was about 3 years ago so that condition may well be new.

3 years ago the switching was all very different. As of September 16 2013, new switching terms were implemented by literally all providers of UK current accounts. Anything that existed before is no longer relevant.

From 16th September 2013 switching a current account to a new bank or building society became simpler, easier, hassle-free and for the first time is now backed by a guarantee
http://www.paymentscouncil.org.uk/switch_service/

Thrugelmir

mutty_hc wrote: »

It seems to infer this on the websites but want some clarification of real world use.

A way for banks to ensure that there's no issues such as an overdraft being left behind. A simple method of vetting accounts.