Switching bank account questions

maas

Which information does the new bank collect from the old bank when you transfer your account (using the 7 day switch)?

For example;

Do they collect your banking history (the historical transactions on bank statement) and/or the previous banks internal credit score?

xkpa

No historical transactions are transfered to the new banking account. Only SO & DD. Internal score - it depends, if both banks are from the same group, they could use your internal score in the future, but unlikely.

YorkshireBoy

xkpa wrote: »

No historical transactions are transfered to the new banking account. Only SO & DD.

I believe bill payments, ie payees you've previously paid, are also transferred?

B_G_B

YorkshireBoy wrote: »

I believe bill payments, ie payees you've previously paid, are also transferred?

Correct. Certainly true for the 3 switches that I have done, with a couple of very minor anomalies.

1) Any payees that are part of the switch and already appear on the new account are doubled up. Not a problem to remove one of the doubled up ones after the switch. (or just leave it)
2) I had existing payees on new CO-OP account set up in the "Funds Transfer" section. The payees that were switched into CO-OP appear in the "Pay Bills" section. Not a problem, all works ok

colsten

maas wrote: »

Do they collect your banking history (the historical transactions on bank statement) and/or the previous banks internal credit score?

The new bank will have their own credit scoring procedures and any internal credit score from another bank will be meaningless to them.

The entire history the new bank can see is in your credit history (which they also can see if you just apply, without switching).

Your old bank will keep essential data about you for a few years, and information about your old account will also stay on your credit history for several (6?) years.