Bank account switching tips

1) Is it worth it?

 

More often than not the answer to this question is yes. Current accounts usually offer the same things – chequebook, debit card, direct debit etc, where they vary greatly is in the interest rates they offer on accounts that are in credit, the charges that are incurred if an account is over drawn, and of course the quality of the service provided. You can go on the web and check all the info you need – look online to switch bank accounts. If you’ve had enough of the bad service offered to you by your bank then there are plenty of sites on line where you can read reviews about the derive offered by other banks.

 

2) Prepare your ID

 

There are very strict money laundering rules and regulations in place that banks and building societies have to adhere to, this is in place to prevent the recycling of money from illegal activities. When you open an account the bank will usually ask you to provide separate proof of your identity and address.

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3) Is it difficult?

 

There is now a new service in place called the Current Account Switching Service, this will make the process of switching bank accounts a lot easier. The service has been put in place with the aim that you can easily switch bank accounts in just 7 working days, it is there to take away the hassle of switching. This new system is so good that it comes with a guarantee, it’s similar to the guarantee we get from direct debits. Here is the list of rules that banks why provide the Current Account Switch Guarantee must comply with:

 

  • -The service is free to use and you can choose and agree your switch date with the new bank.
  • – The new bank will take care of moving all your payments going out (e.g. Direct Debit and standing orders) and those coming in (e.g. your salary).
  • – If you have money in your old account, the new bank will be responsible to transfer it to your new account on the agreed switch date.
  • – For 13 months, the new bank will arrange for payments accidentally made to you old account to be automatically redirected to your new account. The new bank will also contact the sender and give them your new account details.
  • – The responsibility lies with the new bank to contact you before the switch date if there are any issues.
  • – If there any problems with the switch the new bank will refund any interest (paid or lost ) and charges made on either your old or new accounts as result of the failure.

 

This new service makes switching bank account providers very simple and straight forward. So, if you want to switch providers do your homework and then contact your bank.

 

 

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Gregg Fisler Written by:

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