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  • FIRST POST
    • Psyduck1980
    • By Psyduck1980 9th May 18, 11:56 AM
    • 57Posts
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    Psyduck1980
    7 Day Switching
    • #1
    • 9th May 18, 11:56 AM
    7 Day Switching 9th May 18 at 11:56 AM
    When you change energy provider there is a 14 day "cooling off" period before the 3 day switching process commences. Is there a similar thing for bank accounts, meaning the fastest switch can be achieved in 14 days (7 days "cooling off" plus the 7 day switch guarantee)?
Page 1
    • eskbanker
    • By eskbanker 9th May 18, 12:09 PM
    • 8,450 Posts
    • 9,573 Thanks
    eskbanker
    • #2
    • 9th May 18, 12:09 PM
    • #2
    • 9th May 18, 12:09 PM
    No, there's no cooling off period as such, but there's nothing stopping people from choosing a switching date more than seven working days away if they aren't fully ready to commit - see https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx
    What if I change my mind?
    You can cancel your switch up to seven working days before your switch date. After that only certain elements can be cancelled. Your new bank or building society will guide you through this process if you decide to cancel your switch
    • Psyduck1980
    • By Psyduck1980 9th May 18, 12:20 PM
    • 57 Posts
    • 7 Thanks
    Psyduck1980
    • #3
    • 9th May 18, 12:20 PM
    • #3
    • 9th May 18, 12:20 PM
    No, there's no cooling off period as such, but there's nothing stopping people from choosing a switching date more than seven working days away if they aren't fully ready to commit - see https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx
    Originally posted by eskbanker
    Thank you. In my experience it seems like the 7 day switch is more concept than reality (in that when offered a switching date you don't seem to get one 7 days in the future).

    Do you know what happens if a new DD is set up on the "old" account after the switch has been initiated? Does it get moved to the "new" account like all the other existing DDs?
    • Zanderman
    • By Zanderman 9th May 18, 12:27 PM
    • 1,860 Posts
    • 4,563 Thanks
    Zanderman
    • #4
    • 9th May 18, 12:27 PM
    • #4
    • 9th May 18, 12:27 PM
    I have made several of my switches last, in effect, longer than 7 days simply by choosing a switch date more than 7 days ahead. You choose the switch date - i.e the date when the 7 days finish.

    Up until the 7 days start you can change your mind completely. Once the 7 days start some things may be difficult to stop.

    And of course many '7-day' switches take far longer anyway, if it involves a new account being opened first. That account will take a few days (at least) to open usually, and the switch can't commence until it's ready. That's why many dates aren't '7 days in the future'.

    One switch I did - a business account from HSBC to Yorkshire - was activated before the 7 day period we chose, which was annoying (and implied neither HSBC or Yorkshire read the switch documentation) and meant we lost access to the HSBC statements we intended to download before we were ready. So be wary of that possibility!
    • eskbanker
    • By eskbanker 9th May 18, 12:46 PM
    • 8,450 Posts
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    eskbanker
    • #5
    • 9th May 18, 12:46 PM
    • #5
    • 9th May 18, 12:46 PM
    Do you know what happens if a new DD is set up on the "old" account after the switch has been initiated? Does it get moved to the "new" account like all the other existing DDs?
    Originally posted by Psyduck1980
    Worth spending some time reading through the FAQ pages that I linked previously, as this one is also answered there:
    Will the Current Account Switch Service automatically transfer new payment arrangements if I set them up at my old bank within 7 working days of the switch date agreed with my new bank?
    No. The Current Account Switch Service will take care of all payment arrangements at your old bank up until 7 working days before your agreed switch date. If you want to set up new payment arrangements during the 7 working day period leading up to your switch date you must do this on your new account.
    • Psyduck1980
    • By Psyduck1980 9th May 18, 2:13 PM
    • 57 Posts
    • 7 Thanks
    Psyduck1980
    • #6
    • 9th May 18, 2:13 PM
    • #6
    • 9th May 18, 2:13 PM
    Worth spending some time reading through the FAQ pages that I linked previously, as this one is also answered there:
    Originally posted by eskbanker
    Thanks for rooting this out.
    • Katiehound
    • By Katiehound 9th May 18, 8:59 PM
    • 4,515 Posts
    • 39,006 Thanks
    Katiehound
    • #7
    • 9th May 18, 8:59 PM
    • #7
    • 9th May 18, 8:59 PM
    Have just opened a Barclay's account and said that I wanted to switch. I need to take my documents into a branch tomorrow for verification. (10th May) They tell me that the switch will take place on the 18th.
    If they do not see my paperwork this week- 4 days to choose from - my choice- then the switch won't happen.
    Being polite and pleasant doesn't cost anything!
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    • ValiantSon
    • By ValiantSon 9th May 18, 9:23 PM
    • 2,536 Posts
    • 2,518 Thanks
    ValiantSon
    • #8
    • 9th May 18, 9:23 PM
    • #8
    • 9th May 18, 9:23 PM
    It is perfectly possible to initiate and complete a switch in seven days.

    First Direct impose a 14 day cooling off period, so switching with them actually takes 21 days! I'm not absolutely convinced that they should be doing this!
    • EachPenny
    • By EachPenny 9th May 18, 9:43 PM
    • 8,044 Posts
    • 21,614 Thanks
    EachPenny
    • #9
    • 9th May 18, 9:43 PM
    • #9
    • 9th May 18, 9:43 PM
    I have made several of my switches last, in effect, longer than 7 days simply by choosing a switch date more than 7 days ahead. You choose the switch date - i.e the date when the 7 days finish....
    Originally posted by Zanderman
    There may be some limits on this though - Barclays for example only allow a date within the next 14 working days. So for example it is still too soon to ask them for a switch on or after 1st June.
    "In the future, everyone will be rich for 15 minutes"
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