MSE News: Redirection period for payments to old bank accounts to be extended

mt99

In most of the (many) switches I have done it has been either a checkbox or a question from the person on the phone about if I want to close my old account or not.


Not sure about the protection but if your old account remains open then maybe you don't need it?

YorkshireBoy

mt99 wrote: »

Not sure about the protection but if your old account remains open then maybe you don't need it?

If you're doing a partial switch then all the new bank does is ask the old one for a list of your DDs, SOs, and bill payments. They then forward this to you and you mark the ones you want transferring and send it bank to them (or not, if you want them all transferring).

They then contact the DD originators and arrange for them to change your bank details to the new account...prone to disaster if they do it at the wrong time of the month, ie just AFTER a credit card statement has been issued with the old bank's details. It wasn't uncommon for the DD originators to want to contact you themselves to verify.

In short, if you're doing a partial switch, ie keeping the old account open, then it's best you do things yourself with the DDs.

EarthBoy

mt99 wrote: »

In most of the (many) switches I have done it has been either a checkbox or a question from the person on the phone about if I want to close my old account or not.

In the three switches I've done, two online and one over the phone, I wasn't given the option of keeping the old account open, I was just told that it has to be closed.

Information on the partial switch service is rarely easy to find. You usually have to hunt around the website to find it.

takman

mt99 wrote: »

I wish there was a savings account switch process - it would save a lot of hassle.

What would be the point of that?. If you have already filled up all the current accounts and regular savers and need to use savings accounts then you simply transfer the money online when you open an account with a better rate. It would actually take longer to fill out forms or talk to someone on the phone for an official switching process than to simply transfer the money online.

mt99

Lots of point in having a savings account switching process. Recently - had £30k in savings account, wanted to transfer it to Nationwide for a better rate.


1. asked to close savings account, xfer balance to my designated (linked) current a/c


2. £30k (plus accumulated interest) arrived safely, now need to send it to Nationwide (have already opened Nationwide account)


3. Add new payee, send £10 just to check, £10 arrives in new Nationwide a/c OK.


4. Max limit in one FP is £15k so now send £14990 - banks fraud filters hold it, say I have to call them.


5. Call them - various security checks, then a question about which company am I a director of out of these 4 pairs of letters: AB, CD, EF and GH (not the actual letters). Rack my brains - haven't a clue.


6. Am, told I have to go to branch with passport or driving licence.


7. Next day do that. 30 mins later after bank talking to fraud dept, photocopying ID etc etc I have to listen to 5 min recording of how bank won't ask you to send money, beware of scam callers etc. I sigh deeply. Money is sent.


8. Next day send the second £15k - job done.


9. Remember the CD pair of letters might refer to my flat management company of which everyone in the block is a director.


I think I'd prefer a switching service for savings.