Switching bank accounts

[Steve]

This seems to be too good to be true. Co-operative bank just sent me a form with my welcome pack with a tick box option of "transfer all my standing orders, direct debits and balance from my old bank account (as above) to my new bank account (as above), and then close my old bank account"

I didn't know they could do this? I thought I'd be off down to HSBC to close my account myself.

I also had a credit card with HSBC, which I am also closing, and opening a new one with Co-op bank, but I have no outstanding balance. I will do all my spending on the new card and pay it off each month (I can build up divi points this way )

Should I expect a letter or phone call from HSBC begging me to stay with them? Will all the balance and SO's and DD's etc be moved at once?

Just a little nervous of the whole process! Anyone else switched lately?

 

[Chukka63]

not moved recently but do know they do this these days but you may get the odd oe you might get a prob with but all in all so much easier than years ago when it was a right nightmare

 

[tim west]

Don't worry Steve, I have been through this process myself and its a case of sit back and let them do all the work, they are after your custom, if its anything like what i went through it will all go smoothly. you can check by asking for a printout of all S/O'and D/D's.
After all they get enough money out of us as it is for them to do a little work now and again.

 

[securespark]

Just one word of warning: we switched from Nationwide to A & L.

In the process, one DD to a life assurance company for Mrs S failed to transfer, so now we've lost that life assurance.

So make sure ALL your DD's, Standing Orders etc, get transferred.

 

[oompah]

Are you being offered any inducement to switch to another bank? if so its worth doing if not why change.

 

[Chukka63]

cos nat west are ****e hehe

 

[conny]

Always have been!

 

[kevindgas]

cos nat west are s***te hehe

and you think any of the others are any better?

we have banked with Coop in the past it was not a pleasant experience, not as bad as LLoyds Totally Stupid Bank but close!

 

[Steve]

rem

 

[masona]

I get benefits with Co-op bank

To Be honest Steve, I would not even look at what benefits the banks are offering, the most important to me is the online security and this is why I'm with Barclays.

Overall, the group said Barclays had the highest level of visible security measures for online users, followed by first direct, Lloyds TSB, Nationwide, NatWest and Royal Bank of Scotland.

Alliance & Leicester and HSBC's security features were rated as average, while Abbey and Halifax's were deemed to be poor.

Sarah Kidner, editor of Which? Computing, said: "There are surprisingly big differences between big banks' visible online security systems.



http://www.telegraph.co.uk/finance/...ve-poor-online-security-campaigners-warn.html

 

[Steve]

Co-op bank was the first to introduce online banking in 1999 or something. And they use pin pads to log in.

 

[tim west]

must be easier with a pc?

 

[Infidel]

Been with the Co Op bank for over 17 years great bank, when my wife got made redundant after a month in her new job they immediately extended the overdraft for free and were really good,even offering to suspend payments we had on a loan with them until we got back on an even keel.
Online banking is easy Although their new card readers are always cocking up and the very nice Northern ladies in the call center (yes UK based) are lovely and helpful and a good laugh.
Great bank and you might have noticed didn't have to ask the government for a bail out to pay some fat knackers bonus.

 

[Donkmeister]

I switched from Natwest to Alliance and Leicester 2 years back (before Santander bought them out).

The daft bu**ers switched over all my direct debits before switching over my payroll. So, I immediately went horribly overdrawn (they were gracious enough not to charge me ), but then my mortgage lender had a rejected payment from them and charged me £50. There was no way to check what they had and hadn't switched at any point in time.

So, I'd suggest you keep a close eye on it and demand they pay any fees resulting from them botching the transfer. If you have all your bills come out on the 1st of the month, might be an idea to start the process on the 2nd so you are all set by next payday...

 

[Donkmeister]

Great bank and you might have noticed didn't have to ask the government for a bail out to pay some fat knackers bonus.

With the level of competence I've experienced in the few months since Santander bought out Alliance and Leicester, you've given me serious food for thought there... I don't expect gold-level service, but if I'm trusting someone with my savings and my salary then I demand a certain amount of competence...