Opening new current account

INAMESS

Hi there are lots of deals around for transferring your bank account to a different bank and I'm wondering does the transfer of all direct debits etc go through smoothly? I've heard they can do it in 7 days but I'm worried that as my direct debits are all staggered through the month there might be a missed payment during the transfer process which will then obviously affect my credit file, any help or advice on this appreciated....

grumbler

Problems with DDs are rare, but not uncommon.
7 days is what preparations take - after the new account is already active. Switching itself takes one day, agreed with you, and it's worth keeping your eye on DDs after switching.

I don't quite understand why 'staggered' DDs can cause any specific problems.

INAMESS

Ok thanks for that. Just worry that after cleaning my credit file one mess up with a direct debit could put me back to square one

badger09

I think grumbler meant "rare but not unknown":cool:

If, by any chance, a DD doesn't get switched successfully, you have a guarantee that the bank to which you have switched will sort it out. This should include correcting any entries on your credit file which have been made as a result of a faulty switch.

Keep an eye on your new account and check all your DDs have appeared correctly.

many of us have switched several times without any problems - but obviously, we don't live in a perfect world. Good luck:)

jimjames

INAMESS wrote: »

Ok thanks for that. Just worry that after cleaning my credit file one mess up with a direct debit could put me back to square one

Just make sure you monitor any new account to make sure the DD has been taken when you expect it. Sometimes new DDs can be a problem if they never paid out on the old account and you may need to set them up from scratch again.

grumbler

badger09 wrote: »

I think grumbler meant "rare but not unknown":cool:

Possibly - English isn't my first language. I just thought that 'uncommon', despite being a synonym of 'rare', was a more strong word, closer to 'impossible'/'unknown'.

If, by any chance, a DD doesn't get switched successfully, you have a guarantee that the bank to which you have switched will sort it out. This should include correcting any entries on your credit file which have been made as a result of a faulty switch.

Well, that's the theory, but in practice it might take ages because of far too many companies involved in the chain (new bank - DD originator - CRA) and lack of any real mechanism in place for correcting.
It is really worth doing one's best to prevent this happening.
For some discussion see: MSE News: Current account switching 'working well', but improvement still needed

Keep an eye on your new account and check all your DDs have appeared correctly.

Absolutely - instead of relying on the 'guarantee'.

badger09

grumbler wrote: »

Possibly - English isn't my first language. I just thought that 'uncommon', despite being a synonym of 'rare', was a more strong word, closer to 'impossible'/'unknown'.
Well, that's the theory, but in practice it might take ages because of far too many companies involved in the chain: new bank - DD originator - CRA.
It is really worth doing one's best to prevent this happening.
For some discussion see: MSE News: Current account switching 'working well', but improvement still needed

Absolutely - instead of relying on the 'guarantee'.

Apologies grumbler. I didn't know English is not your first language - you hide the fact well:o. I thought you had made a typo, as in common usage rare = uncommon.

Moving on.... I'm aware some posters have experienced issues with switches, but many have not. As I said - we don't live in a perfect world.

grumbler

No need to apologise. Unlike some other people I welcome corrections and lessons. Possibly, that's exactly why I manage to "hide the fact well".

INAMESS

As an update, I applied for a current account and was told I was successful, however at the end of the process where you tick the box to say you understand the terms and conditions there was also a box saying tick to say you've never been bankrupt. Now I'm confused as they said I was successful with my application so assume they've done a credit check. I have been bankrupt in the past but it is no longer on my file so I'm unsure what to do next. Should I contact the bank or just tick the box anyway?