First Direct Current Account Switch Blagged Deal

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  • eskbanker
    eskbanker Posts: 30,429
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    OceanSound wrote: »
    Re. 'last year's MSE article', wouldn't it be sensible to have a link from the 2013 article I quoted to the new one. Perhaps, a warning like 'this article has been superseded by [then link to new article]. The reason being that, when I searched google for 'current account switch direct debits were not transferred' the only links from this website that came up in the first two pages (of hits) were from 2013.
    I can see where you're coming from but suspect that they'd argue that there's a difference between their news pieces (which are implicitly current only at the time of initial publication) and their guides (which are often updated), although having said that there doesn't actually seem to be an MSE guide to the current account switching service.

    So, best not to rely on anything starting with https://www.moneysavingexpert.com/news/.... as being up to date!
  • OceanSound
    OceanSound Posts: 1,482
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    edited 8 May 2018 at 4:08PM
    eskbanker wrote: »
    ....
    and according to last year's MSE article this was potentially extending further: https://www.moneysavingexpert.com/news/banking/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-
    So, if a company (for whatever reason) fail to update the account details for a DD, that particular DD would continue (with the old bank account details) indefinitely. Because each time we come close to 13 months without a payment going in/out using the redirect, this particular DD would trigger clause 1.14 of the switch agreement.

    If you happen to see that the company is still using the old bank account details, is it worth telling them to update? or should we contact our new bank and ask them to tell the company? In terms of switch incentives (2x direct debits etc), probably best to contact the new bank and go though them right? Because we don't know if it's something that's gone pear shaped at their end.

    edit: actually. we'd soon see if a DD wasn't transferred across to the new bank I guess.
  • Well, I successfully switched, but to say I'm unimpressed so far is an understatement.
    For an online bank I've never had to make as many phonecalls or sign and return so much paperwork, doing anything at all online results in a 3-4 day wait and then you'll receive a letter through the post
    The app only works on one device, and I've never needed so many different passwords
    If you want to log in on your PC you also need the device with the app on it
    If you open the regular saver account you can only modify payments into it by phoning them up
    It goes without saying that you need a whole raft of different passwords for telephone banking to the ones you need for internet banking.
    Yes, their customer service people on the end of the phone are very pleasant, but if the products weren't so clunky and awkward to use I wouldn't need to phone them at all.
    So far, the impression I get is that they're not really an "Internet" bank at all, as everything you do on your device or laptop then has to be processed manually by a person in an office somewhere.
    I can see me switching again sooner rather than later
    Gus.
  • Well, I successfully switched, but to say I'm unimpressed so far is an understatement.
    For an online bank I've never had to make as many phonecalls or sign and return so much paperwork, doing anything at all online results in a 3-4 day wait and then you'll receive a letter through the post
    The app only works on one device, and I've never needed so many different passwords
    If you want to log in on your PC you also need the device with the app on it
    If you open the regular saver account you can only modify payments into it by phoning them up
    It goes without saying that you need a whole raft of different passwords for telephone banking to the ones you need for internet banking.
    Yes, their customer service people on the end of the phone are very pleasant, but if the products weren't so clunky and awkward to use I wouldn't need to phone them at all.
    So far, the impression I get is that they're not really an "Internet" bank at all, as everything you do on your device or laptop then has to be processed manually by a person in an office somewhere.
    I can see me switching again sooner rather than later



    I can't wait to move away from them for this very reason.
  • eskbanker
    eskbanker Posts: 30,429
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    If you want to log in on your PC you also need the device with the app on it
    Although I share most of your frustrations, this bit isn't completely true, as you do have the option of logging in without the secure key - this grants access to a limited service, but one that's adequate for those of us logging in monthly to shunt minimum funding around to avoid the monthly fee (and who choose not to do so by automated standing orders!).
  • Byzar
    Byzar Posts: 32
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    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?
  • eskbanker
    eskbanker Posts: 30,429
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    Byzar wrote: »
    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?
    The 7 working day period is from the switching service starting until it finishes, but First Direct uses a 14 day cooling off period before starting the switch, so that effectively means at least 23 days from opening an account to completing a switch.
  • meer53
    meer53 Posts: 10,217
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    Byzar wrote: »
    I just finished application online, and the switch will be made on 18 June , the earliest date available!!! Really , what happened with 7 days switch?

    You have to have an account first to switch to. Once the account is open the switch does take 7 working days.
  • OceanSound
    OceanSound Posts: 1,482
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    edited 13 May 2018 at 5:26AM
    eskbanker wrote: »
    Although I share most of your frustrations, this bit isn't completely true, as you do have the option of logging in without the secure key - this grants access to a limited service, but one that's adequate for those of us logging in monthly to shunt minimum funding around to avoid the monthly fee (and who choose not to do so by automated standing orders!).
    Must admit I've been with First Direct for 3 months and only discovered this now (by reading your post). I've been logging-in to desktop with key generated on smartphone app even to do the most mundane things, like check balance!

    The logon without secure key option isn't that obvious. At least not as obvious as HSBC or Nationwide internet banking. Nationwide's full logon really does take the biscuit with debit card having to be inserted to a huge dinosaur age card reader.

    BTW, if you have 'a mortgage, credit card, Personal Loan, savings (except Regular Saver), First Directory or Home insurance with' First Direct there is no monthy fee (for current account) right? And in any case the fee only applies six months after opening account, I believe.
  • OceanSound
    OceanSound Posts: 1,482
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    eskbanker wrote: »
    The 7 working day period is from the switching service starting until it finishes, but First Direct uses a 14 day cooling off period before starting the switch, so that effectively means at least 23 days from opening an account to completing a switch.
    Why is it 23 days and not 21? is start and end date also counted (not counted)?

    12 May 2018 to 18 June 2018 = 38 calendar days (including start date and end date)

    12 May 2018 to 18 June 2018 = 25 working days (including start date and end date, but only working days counted. i.e. saturdays, sundays and Spring Bank Holiday on 28 May 2018 excluded)
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