Switching Current Accounts - a warning!

Eagalitarian

badger09 wrote: »

Could this be because neither Coventry Building Society nor Yorkshire Building Society offer current accounts, so have no reason to be signed up to the Current Account Switching Service?:cool:

Many apologies for causing confusion. I did of course mean Yorkshire BANK not Building Society. However, I can assure you that Coventry Building Society do offer current accounts, I have had one with them for over 5 years.

Eagalitarian

xylophone wrote: »

Is it not Yorkshire Bank (not BS) that is offering the reward for switching?

And you need to be switching a current account - Coventry BS does not offer a current account.

You are quite right on the first point, it is Bank not BS, sorry for the error.

However you are wrong about Coventry BS, they do offer current accounts.

Yorkshire_Pud

Eagalitarian wrote: »

You are quite right on the first point, it is Bank not BS, sorry for the error.

However you are wrong about Coventry BS, they do offer current accounts.

Coventry don't offer new current accounts any more? They just service the old ones from a time when they did indeed offer a Coventry current account.

broju

(Quote)
Not even the switching process is actually guaranteed within 7 days for everyone. I am presently switching an account to an existing M&S account, something that can only be requested by phone. They initially gave me a switch date 13 working days in the future. Presumably that's for postal delays, as they then send you switching documents in the post, and you need to ring them again to confirm you have received the paperwork. On that second call, they offered me, unprompted, to bring the switch date forward. The 7 working days are from the 2nd call only for M&S. I didn't care too much as there is no urgency to this switch, and I will get £220 on a gift card as a reward but all this 7-day switching needs to be taken with a pinch of salt.[/QUOTE]


Colsten, may I ask if you switched to get your existing account with them or is this the first switch you've done to M&S?

colsten

[

Colsten, may I ask if you switched to get your existing account with them or is this the first switch you've done to M&S?[/QUOTE]Not sure I understand your question correctly - I am switching to an M&S account that has existed for some time.

Eagalitarian

Yorkshire_Pud wrote: »

Coventry don't offer new current accounts any more? They just service the old ones from a time when they did indeed offer a Coventry current account.

Many thanks Yorkshire Pud, that clarifies things. The news that they are no longer offering current accounts to new customers had passed me by. It obviously also explains their absence from the switching scheme and why I couldn't take up the offer from Yorkshire Bank.

Eagalitarian

Eagalitarian wrote: »

You are quite right on the first point, it is Bank not BS, sorry for the error.

However you are wrong about Coventry BS, they do offer current accounts.

Hi Xylophone, Yorkshire Pud has provided the explanation. We were both right in a way!

martin2345uk

colsten wrote: »

That's why you should never switch to an account you don't have full access to - online banking (and app if you use it), debit card and PIN. There is a common misconception that opening a current account and switching to it can all be done within 7 working days. Reality is that these are two entirely separate processes, and it is only the switch that is guaranteed to take no more than 7 days. There is no guarantee for the opening of an account. My first Nationwide took almost a month to be fully operational, for instance. Subsequent ones were much faster.

Not even the switching process is actually guaranteed within 7 days for everyone. I am presently switching an account to an existing M&S account, something that can only be requested by phone. They initially gave me a switch date 13 working days in the future. Presumably that's for postal delays, as they then send you switching documents in the post, and you need to ring them again to confirm you have received the paperwork. On that second call, they offered me, unprompted, to bring the switch date forward. The 7 working days are from the 2nd call only for M&S. I didn't care too much as there is no urgency to this switch, and I will get £220 on a gift card as a reward but all this 7-day switching needs to be taken with a pinch of salt.

Sage advice, wish I had asked for it before doing the switch! Still no PIN or online banking details in the post today! :T