Reviewing your Bank Account

5) Switching

If you are going to switch banks, you need to know that the process will be smooth and professionally done.

Among the things you should be asking are:

• Will they move all direct debits and standing orders?

• How long will it take?

• Will they offer an interest-free “float” of at least one month’s salary until the transfer is successfully completed and your income is paid into your new account?

• Will they offer compensation if things go wrong? Or at least pay any charges that might be incurred if a direct debit or standing order is unpaid?

And finally...

How often should you review your account?

Today, it is relatively easy to switch banks.

Even so, changing bank accounts can still be irksome, particularly now that new money-laundering regulations require additional details to be supplied to your new bank.

The additional danger is that, although it should make no difference whatsoever, this regular switching of bank accounts may give someone the wrong impression when the details are supplied by a credit reference agency.

It probably makes sense to test the market every year or two – and switch when you become unhappy with one or more of the five areas set out above.


More pages

Page 1: Introduction
Page 2: 5) Switching

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