Switch banks: Your financial counselor is a thief, Slam the door of your bank !

Slam the door of your bank is possible !

You feel your bank isn’t up to scratch, your financial counselor is a thief, the new regulations adopted by the highest authorities in the UK over the past year should make it just that bit simpler to move your account.

Your old bank has three working days to pass information to your new bank. This includes details of all your direct debits and standing orders along with your credit history. Your new bank has 10 working days to open an account for you once your application has been approved.

However, many accounts now offer a switching service - so your new bank takes care of switching over all your direct debits when you open a new account with them.

Some questions to select a new bank

The bank of your dreams:

– What agreements does your new bank have with other banks and Post Offices ?
– Do you search SMS banking or Internet Banking ?
– Do you get free access to your money from other banks’ cash machines ?
– How many branches are close and open to your business ?
– What opening times do they have ?

The offer of your new bank:

– What overdraft limits will be set on your account ?
– What loans are on offer?
– Do you search the best interest rates on savings accounts ?
– Do you want a bank with low fees ?
– what are the banks offering plan Fidelity ?
– What is the cost of transactions ?
– Do you have any special needs in terms of stocks/credit ?

Process to move on an other bank

Open a new account. You must have appropriate information to change any direct deposit information (bank’s routing/ABA number/checking account number). Suspend all automatic payments. Important, do not close your old account until all checks and debit card payments have been made.

Once you have suspended them from the old account, give your new banking information to the institutions you have on automatic payment. After, visit the old bank, send them a certified letter restating that you have closed your account. When you receive your new ATM/debit card and checks from your new bank, restore the card and checks from your old banks.