Switching

eskbanker

chrisbov wrote: »

My elderly and infirm aunt is housebound. We live 3 hours away. She wants to switch her Halifax Instant Saver and ISA accounts to HSBC but Halifax tell her she must either visit a Halifax branch to do this or give me Power of Attorney. Is this right?

It might be, but she (or you) will need to check the terms and conditions of the exact accounts she has, in order to familiarise yourselves with the rules about closing procedures. HSBC seem to be known for stringent security procedures on opening accounts so it may be that they'd be looking for her to attend a branch too, or has she already done that?

Incidentally, you're talking about a different process from what the rest of this thread is about - 'switching' is usually (on here at least) shorthand for moving between current accounts using the published standard Current Account Switching Service, but this doesn't apply to moving savings accounts, which involves basically completely independent closing and opening activities. ISAs are different again, in that you need to follow the prescribed transfer process in order to retain the tax-free status when moving between banks.

Archi_Bald

chrisbov wrote: »

She wants to switch her Halifax Instant Saver and ISA accounts to HSBC

Seems a strange move to want to make as the HSBC interest rates aren't anything special.

However, any move would require a visit to a Branch unless she is registered for Internet or telephone banking, and the accounts she has can be managed by phone or online.

A POA would probably be sensible regardless.

Westie983

chrisbov wrote: »

My elderly and infirm aunt is housebound. We live 3 hours away. She wants to switch her Halifax Instant Saver and ISA accounts to HSBC but Halifax tell her she must either visit a Halifax branch to do this or give me Power of Attorney. Is this right?

Switching of the instant saver requires closure and transfer balance this can only be closed in branch not over the telephone, you could transfer the money over the phone though from the instant saver then close at a nil balance in branch?

If you want to transfer the ISA to HSBC you will need to complete a isa transfer form from HSBC no need to visit a Halifax branch.

Alternatively set up third party access on the instant saver you can't do this for the Isa though.

grumbler

chrisbov wrote: »

She wants to switch her Halifax Instant Saver and ISA accounts to HSBC but Halifax tell her she must either visit a Halifax branch to do this or give me Power of Attorney. Is this right?

Don't know about Instant Saver, but surely she doesn't need to visit Halifax to switch (transfer actually) ISA from Halifax.

Re Instant Saver, what do you mean by 'switch'? What's wrong with transferring money to a current account and then to another savings account? It's a different question if a visit is needed to open a new savings account..

Archi_Bald wrote: »

However, any move would require a visit to a Branch unless she is registered for Internet or telephone banking, and the accounts she has can be managed by phone or online.

Why do you think that switching ISA requires a visit to Halifax?

Archi_Bald

grumbler wrote: »

Why do you think that switching ISA requires a visit to Halifax?

Read what I said in full?

grumbler

Any clue?

To transfer an ISA you open a new one and ask the new bank to transfer the old one to it. They send you a form to sign and post back. The old bank informs you about switching. No visit is needed to the old bank.

Archi_Bald

True, an ISA transfer can probably be requested by post but for the other account it is how I said.