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Another switching question

Due to a complicated story which I am happy to post here (I'll put it at the bottom so don't bother to read if you're not interested) I switched banks at very little notice, and with no preparation.  There seemed to me no urgency to notify payers, as I know any payments into the old (TSB) account have to find their way into the new account.

However, TSB have closed my old account and simply amalgamated all incoming payments into a lump sum which they forwarded to my new account, without any explanation on my new account as to how this lump sum was made up.  So I have no idea how this sum is made up or who has paid me.  Can I force TSB to release this information?

THE STORY

I was actually mystery shopping the new bank account.  I was supposed to open a credit card, and the requirement for doing the job and opening an account was that I DIDN'T already have an account with the new bank.  However, the new bank told me that I DID have to have an account with them if I was to open the specified credit card.  As they were offering an incentive, I obviously went ahead and transferred accounts.....

Please don't get too distracted by the story - I do need an answer, if possible, to the question above, pretty please!
Ex board guide. Signature now changed (if you know, you know).

Comments

  • WillPS
    WillPS Posts: 4,695 Forumite
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    So far as I know, the payment forwarding is handled up a layer from the banks by BACS:

    They shouldn't be bundling them together. That implies to me that TSB are doing something manually, perhaps as an interim measure before the account is completely closed and the forwarding begins.

  • eskbanker
    eskbanker Posts: 35,277 Forumite
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    The redirection of incoming payments is handled by a central BACS-run engine, so they don't actually reach the old bank at all, and therefore TSB haven't amalgamated anything as such but will simply have passed your closing balance (including any payments received before the switch) to the new bank, and anything sent to TSB after the switch will have arrived directly in your new bank as individual transactions.

    Having said that, you can get the data from TSB:
    • You are entitled to copy statements (your transaction history) after you have closed your account.  You can do this at any time during the next five years.  We will provide you with your transaction history (at no cost) covering up to five years prior to the date of closure
    https://www.tsb.co.uk/current-accounts/faqs/my-history.html
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,502 Forumite
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    Sounds like the lump sum you're referring to is the transfer of the account balance on the day of the switch. Any payments made to your TSB account before closure will occur as normal, and you'll need to access your TSB statements for details of them. After the switch completes, any future payments are then automatically forwarded on an individual basis and the details of these should be on the statements for your new account.
  • Zanderman
    Zanderman Posts: 4,812 Forumite
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    As others have said the 'lump sum' will merely be the balance of your TSB account on the day of the switch. Nothing will have been lumped during or after the switch.

    You should be able to get a statement of your last month from TSB - indeed I'm surprised you haven't been offered one as most banks do after a switch. But if not eskbanker's link above should help.

    It would be worth, for another time, opening an additional current account or two so that next time you do a hasty switch you don't have to switch your main account - which is, I assume, what you've done. I've done loads of switches in recent years but my main two accounts remain exactly where they are so that problems like the one you've got now don't arise! 
  • jobbingmusician
    jobbingmusician Posts: 20,347 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks all for your help, and apologies - I got the answer elsewhere, and managed to forget that this was outstanding.
    Ex board guide. Signature now changed (if you know, you know).
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