Intelligent Finance Switch Problem

Mark987123

My switch away from Intelligent Finance failed because, "we ran out of time to complete it". I was told that because it took more than 7 days, the process was abandoned and I have to request to start the process again! I can see the process started as some direct debits came over to my new account but then a text from the new bank simply said the switch couldn't be completed and to contact IF. All very odd. Has anyone else had any issues?

penners324

Didn't think IF was part of CASS

deinoflex

penners324 said:

Didn't think IF was part of CASS

 https://www.if.com/help-and-guidance/switch-your-intelligent-finance-account.html

they don't show it on the list of banks on the CASS website, maybe as you wouldn't switch TO them, only away?

boingy

deinoflex said:

penners324 said:

Didn't think IF was part of CASS

 https://www.if.com/help-and-guidance/switch-your-intelligent-finance-account.html

they don't show it on the list of banks on the CASS website, maybe as you wouldn't switch TO them, only away?

IF is a division of Bank of Scotland who are part of CASS so that might cover it. Normally when you start a switch the receiving bank checks the sort code to make sure it is part of CASS.

It's really strange that some of the DDs moved but not all of them and not the whole account because that is exactly the sort of thing the CASS system was supposed to avoid. If any of it costs you money in extra fees or charges you are entitled to claim the money back.

njm123

Mark987123 said:

My switch away from Intelligent Finance failed because, "we ran out of time to complete it". I was told that because it took more than 7 days, the process was abandoned and I have to request to start the process again! I can see the process started as some direct debits came over to my new account but then a text from the new bank simply said the switch couldn't be completed and to contact IF. All very odd. Has anyone else had any issues?

Yes, my transfer to Nat West got rejected once, due to incomplete information.    The second attempt took 10 days as IF decided Nat West were too slow in responding so reset the clock on day three - seems to have gone through OK today after I spoke to them last Friday.    At least the money's in Nat West and there were no payments out till linked to the account.

Only did the switch for the Cashback - and as a belt and braces to ensure the two potential future payments in get redirected when the account is closed, just in case the IF account is still linked in the background at the relevant organisations.