Banks and Building societies have made it more easier for customers to switch their accounts.
The process of switching, is quick and usually takes a maximum of seven days.
Switching bank, however moves payments meant for your old account, into the new one. When opening a new account, banks will usually ask whether you want to switch.
Some even give incentives for switching, as high as £150.00 in most cases. If you choose the switching service, your old account will be closed. Your direct debits, standing orders and any other balance on account will be moved to the new one.
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RECURRING PAYMENTS
Recurring payments like subscriptions, payday loans and memberships are not moved. These continuous payment authorities are set up by either debit or credit cards hence must be re-set.
SWITCHING SOLE ACCOUNTS OR JOINT ACCOUNTS
You can switch both sole and joint accounts depending on the process being used. The seven day switching can join finances with a partner. Like other joint accounts, doing so will link your finances thereby affecting your credit score.
CLOSING OLD ACCOUNTS
If the accounts are switched through the seven working-day Current Account Switch Service (CASS). The new account will normally close the old one automatically and move all the payments.
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Source: Ghnewspress.com
