Bank switch

uk1

Seeking feedback of experiences when switching bank accounts.

Does the process pickup ALL pension payments ie from DWP and insurance companies.  Particularly interested in hearing where it has failed and needed manual intervention and resolution. 

Thanks

Jeff 

grumbler

Why are you asking?

If it's one-off switch,  it's better to have everything under control instead of relying on the system (despite "for at least three years any money paid into the old account ... is transferred to the new one" -   Best bank accounts)

If it's sequential switching for bonuses, then just open a separate account for this game.

uk1

I didn’t mention sequential switching because that isn’t what I’m doing.

It’s a simple question.  

I’ve just manually switched most of  account to Chase. It took longer and was more frustrating than I had foreseen.  I’m simply trying to establish whether switching my live current account  is worth the hassle. Joining bonuses aren’t my major interest. If it seems bullet proof I’ll probably do it. If it involves more manual switching I probably won’t.

Daliah

I am petty sure I posted this link before but just in case I haven't: 

https://www.currentaccountswitch.co.uk/

uk1

Daliah said:

I am petty sure I posted this link before but just in case I haven't: 

https://www.currentaccountswitch.co.uk/

You did. Thanks.  It is a website that extolls the virtues of the switching service and only features satisfied customers and doesn’t appear to feature if it has and when it has failed.  

If you re-read my question, I was interested to balance the  feedback. That is the reason why I explicitly asked “Particularly interested in hearing where it has failed and needed manual intervention and resolution. Thanks”. Seeking adverse experiences is therefore informative. My last question elsewhere might have been lost as it was in a longer thread on an entirely different topic.  I’m hoping that by posting it in a separate thread one or two more people with account switching will read it. To me that doesn’t seem like bad forum etiquette  or an irrational or bad thing to do. 

I’m hoping to reach an informed decision which is presumably the point of these fora?

Is that OK with everyone?

Daliah

You asked "does the process pickup ALL pension payments ie from DWP and insurance companies"

This is comprehensively answered on the CASS website, together with what to do should something go wrong. Given that the service has been operational for nine years, and some 8 million accounts have now been switched, you can assume that it's fairly safe to use the service. Though if you are not convinced, don't use the switch service - you can do all the switching yourself if you prefer.

martinbainbridge1975

having done the switch on 2 occasions over the years a truthful answer is it depends on which bank.

the switch is supposed to pick up all incoming and outgoing payments and move them to the new account.

I moved the Lloyds bank which was effortless and reliable and could see all mandates within 3/4 days.  Natwest on the other hand were not as smooth, direct debits could not be seen until a payment was about to be claimed.

RG2015

@uk1, I do understand your question, but in my 5 or 6 switches, I have not switched my income receiving account.

If I ever did, I would manually advise my income provider. Perhaps I just need to be in control, but I would neither rely on a bank nor on comments on a forum.

As an aside, the previous comments on DDs at NatWest is true irrespective of switching. If you phone them they can tell you if a DD has been set up, but you cannot see it online until the first payment has gone out.

Rob5342

Yes, direct debits not showing is just a very poor direct debit implementtion by Natwest, it's nothing to do with switching.

https://supportcentre.natwest.com/olb/so-dd/dd1/913238892/Why-doesn-t-my-new-direct-debit-show-on-my-Online-Banking.htm

jimjames

Never had any issue with incoming payments on a switched account

uk1

jimjames said:

Never had any issue with incoming payments on a switched account

Many thanks for your reply.  Were any of them pensions?  Thanks.