I recently enquired with a Bank, Bank A, about switching my current account from my current Bank, Bank B, to their account as they offer an overdraft with no fees for 12 months. They also do a switching service and offered to contact Bank B about transfering my direct debits, standing orders and my wages.
Anyway, I recieved paperwork which I had to sign regarding switching, but I did not sign this, I received my new current account card, which I have not yet activated, I have received a cheque book and I received a letter telling me the amount of my overdraft facility.
The overdraft offered was no where near my current overdraft and as Bank A do an overdraft maching facility I contacted them around the 10th July to enquire about this. I found out that they had already contacted Bank B about switching payments (aparently I had given consent when completing my application, it was one of the criteria). That was ok as I asked to close the account as I was not offered a large enough overdraft, the woman suggested she put a stop on the 'switching' and all I had to do was to send a letter or evidence of what my current overdraft is and they will match it. So I photocopied a statement, posted it off and waited to hear.
I got a letter back just over a week ago with a whole list of criteria I had to meet for them to be able to 'match' my overdraft. I met all criteria with the exception of one!! My account had to be in credit for at least 2 days over the last 4 months! This is never going to happen.
I was at the limit of my overdraft before I started my job back in February and I get paid under two thirds of the total of my overdraft and that's in a good month when I've done a bit of overtime (which is rare) and a few sleep ins (which I detest doing). My out goings are less than my incomings, but not enough to help me get a couple of days in credit anytime soon.
As a result, I decided to wait a couple of months, not spend any money at all (or very little) and only manke minimum payments on my outgoings so as to be able to bring my balance as near to credit as possible and then use the overdraft facility in the new account to withdraw the cash, deposit into Bank B, be in credit a few days, put the money back into Bank A and send a statement. By this time, I'll probably have lost 4 months worth of free charges for the overdraft but 8 months free is better than none.
I thought this was going to work until I came home from work on Wednesday this week. I received a letter from Bank A telling me they had informed my employers of the change of bank account to make future deposits!! I could not believe it. I was absolutely fuming. I rang Bank A and explained I had asked to put a stop on the switching. The woman I spoke to said that I did not speak to someone in the switching department, I said I had no idea who I spoke to but I quite clearly asked for the switching to be put on hold. She said that two of my direct debits had already gone through!! She suggested I contact my employers and my direct debits etc. and cancel the switching!! I asked why they could not do it from their end as I had asked to stop it and they had gone ahead and done it anyway. There was 'nothing on file' is what she kept telling me. 'We stop things straight away when we are asked to do so'. I was determined that I was NOT going to have the hassle of ringing round to transfer payments back when it was not my fault. She said they only transfered them back if it was their fault and they would have to put a 'trace' out on the call and listen to it to check what was said and if someone did agree to put a stop to the switching for the time being. She said if she did not ring me back that day then someone would ring me the following morning.
I received no call on Thursday morning, so I rang them back when I got home from work, spoke to the same person but had to repeat the whole story as she did not remember the conversation (she had only said the day before that she would put a 'note' on my file about a call back so really if she had my file 'open' she should have seen it. Anyway, she said she'd listen to the call herself as her supervisor was off and she would contact me again before lunch today. She has until 1pm to call me back and then I'm on the phone again!
Sort of wish I had not bothered changing in the first place - too much hassle at the moment.
