Switching Bank Accounts - Pitfall

Sportyrich2000

Well Switching Bank Accounts sounds really easy until - 

1. My old account was closed and therefore disappeared from my Online Accounts so I couldn't get Bank Statements and I also wanted to use this account to transfer some money into from my Savings Account and then on to someone else with no other way of doing it quickly
2. I had a debt in the account as something must have come out of it after the switch (somehow) but clearly due to 1) I couldn't pay off that debt and am now worried it may affect my Credit Score.

So it isn't all as easy as it suggests. Be careful

Zanderman

Well, to be fair, your switch sounds as if it went probably went ok, as a switch? 

But perhaps you hadn't quite prepared for it. A switch closes the original account and you know what date it's happening, so if you want to use it one last time you do need to plan a little.

Re the statements many banks now send you the last few months statements after a switch, so you may still get those. Another time it's best to download them in advance.

Re transferring into the old account from your savings account you can, if you want to, still do that, as a fundamental principle of the switch system is that payments into the old account will automatically be forwarded to the new one. So there's nothing to stop you doing that as it should still work.

Re the debt, I'm not sure what you're saying has happened - a debit from the old closed account after the switch? How are you aware of that if it's closed? Is it that the switched balance is less than you expected? If that's the case surely it has been paid?

eskbanker

Sportyrich2000 said:

Be careful

....and in particular read the documentation you're sent that explains how it works and what's going to happen!