switching current acounts

amacca

Just some very quick questions to see if anyone out there has an opinion or maybe can answer my questions on switching current accounts.

What I would really like to know is if the actual process of switching a current account is a painful one?


what I mean is do things like direct debits linked to the old account automatically transfer over to the new account or do you have to go back and set these up individually etc etc.

this would mean an awful lot of hassle for me for possibly very little reward.

btw Im thinking of moving my current a/c from BOI to Halifax to get their 10% credit interest on balances up to 2k. you have to do three transactions a quarter with boi and direct debits dont count as transactions for the purposes of banking free with them so halifax seem like a much better deal on the face of it.

has anyone out there done this? if so did you find the service good or bad. are there any sneaky charges or rules that dont appear on the website terms and conditions?:cool:

Eurorunner

amacca wrote: »

What I would really like to know is if the actual process of switching a current account is a painful one?

Don't have first hand experience of this (yet) but the system seems to have worked flawlessly for many people according to their comments on this board and others.

amacca wrote: »

what I mean is do things like direct debits linked to the old account automatically transfer over to the new account or do you have to go back and set these up individually etc etc.

They give you the choice of automatic transfer of all DD's etc. or you can arrange this all manually if you wish.

amacca wrote: »

btw Im thinking of moving my current a/c from BOI to Halifax to get their 10% credit interest on balances up to 2k. you have to do three transactions a quarter with boi and direct debits dont count as transactions for the purposes of banking free with them so halifax seem like a much better deal on the face of it.

has anyone out there done this? if so did you find the service good or bad. are there any sneaky charges or rules that dont appear on the website terms and conditions?:cool:

In the process of switching over to them at the moment. They can't really have any other charges outside of whats covered in terms and conditions. Only thing being that as with all banks, they can change t&c's at their whim.
I was told that they setup a temporary overdraft to facilitate the switch ie. if it all goes pear shaped, theres a temp. overdraft in place so that you are not left without money.

dotsman

You shouldn't have any issues switching. Issues with your new account - that's what you should be worried about! Have a CC with them and they are absolutely useless. No matter how many times I have contacted them, I have still to receive a PIN for it. Every time they say they will send it out and I should have it within a few days. This has been going on for over a month. No Internet banking for it. Still don't know how they expect me to pay the bill as there was no Direct Debit set up.

Davy

amacca wrote: »

What I would really like to know is if the actual process of switching a current account is a painful one?

I have done it and without hassle. I switched to Halifax using the online method sent the forms etc and account was set-up with all direct debits standing orders as the old account. The only problem was with '3' they rejected my direct debit for some reason but one phone call to the resolved this issue, and it think it was more an issue with '3' rather than Halifax.

amacca wrote: »

what I mean is do things like direct debits linked to the old account automatically transfer over to the new account or do you have to go back and set these up individually etc etc.

No, as above

amacca wrote: »

has anyone out there done this? if so did you find the service good or bad. are there any sneaky charges or rules that don't appear on the website terms and conditions?:cool:

Yes did it without hassle, took about 10working days from start to finish. It is true about the Visa 'credit' card with them, they haven't got transaction history online as of yet anyway. I heard it was to be done this month, but i cancelled the card because of this reason. This is not the case for the Visa debit you will get with the current account. I like this option, can be used worldwide without hassle and can get cash back also, beats laser apart from shopping in lidl.

I haven't had any charges whatsoever that i remember. The interest is nice every month, will be about €17 after DIRT. And yes they have a overdraft in place, i cant remember what's the limit or charges never had to use it.

If you have any other questions just ask.

Xoote

Thanks. I was wondering the same thing

jvc

davton wrote: »

It is true about the Visa 'credit' card with them, they haven't got transaction history online as of yet anyway. I heard it was to be done this month, but i cancelled the card because of this reason. This is not the case for the Visa debit you will get with the current account. I like this option, can be used worldwide without hassle and can get cash back also, beats laser apart from shopping in lidl.

I haven't had any charges whatsoever that i remember. The interest is nice every month, will be about €17 after DIRT. And yes they have a overdraft in place, i cant remember what's the limit or charges never had to use it.

If you have any other questions just ask.

That sounds good. Can the debit card be used like a normal credit card for online purchases where lazer is not accepted?

Davy

jvc wrote: »

That sounds good. Can the debit card be used like a normal credit card for online purchases where lazer is not accepted?

ofcourse. Havant had a problem or issue with it being accepted. It also normally shows the transaction online in the balance instantly, and the full details within 24 or 48 hours.

dotsman

I'd be careful with using a debit card online though, as you have no protection. With a credit card, if there is anything dodgy about the transaction (non delivery, not as described etc), you can claim a full refund (and will usually get it).

amacca

Tks for the feedback on this everyone, much appreciated.:)

collie77

dotsman wrote: »

I'd be careful with using a debit card online though, as you have no protection. With a credit card, if there is anything dodgy about the transaction (non delivery, not as described etc), you can claim a full refund (and will usually get it).

Really? I thought because it was Visa it'd be the same. I've been using it for everything online... my credit card hasn't been used once since I switched to them last year.

Lucky I've had no problems with any purchases I guess.

BuffyBot

Protection on debit and credit cards can vary quite considerably.