Finances and extra costs
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Changing Banks.How difficult is it?

CJ61CJ61 Member Posts: 63 Courageous
Hello everybody. I hope you are all doing well and keeping on top of things in these horrible times.
After reading this morning that the HSBC are probably going to start charging a fee to use their current account I was alarmed. Ive been with them for over 30ys and have been somewhat dissatisfied with their lack of customer service for some time now but the idea of a charge for their services has tipped me over the edge. Obviously being on ESA and PIP I live within a strict budget and an additional outgoing would be unwelcome but being completely honest its the principle more than anything. I was wondering if anybody has changed banks and if so how difficult and stressful was it. Im so nervous of anything unsettling and different. Would it involve telephone calls to the DWP etc? Thank you to anybody who can help me.

Replies

  • OverlyAnxiousOverlyAnxious Member Posts: 1,426 Disability Gamechanger
    There's a recent service called the 'current account switch guarantee' that makes switching currents so easy.

    I did mine last year after a decade with the same bank and was amazed how easy it was!  Did it all online, no phone calls at all, and they switch all of your direct debits and regular incomes (such as ESA and PIP).

    When I did mine, some banks were giving out switching bonuses of £100, but I'm not sure if any still do this during the current situation.
  • CJ61CJ61 Member Posts: 63 Courageous
    Thank you OverlyAnxious.  Im just terrified that the DWP will just stop my payments and sight 'fraud concerns' as the reason. The stress of that would do me so much damage. Im trying to keep on top of my Fybromyalgia (in addition to other things) and big stress seems to aggravate it enormously. The switching bonus sounds very nice. I would love to know how many customers will leave HSBC because of this even at this early stage. I think it may just blow up in their face long term.
  • CJ61CJ61 Member Posts: 63 Courageous
    Thank you OverlyAnxious.  Im just terrified that the DWP will just stop my payments and sight 'fraud concerns' as the reason. The stress of that would do me so much damage. Im trying to keep on top of my Fybromyalgia (in addition to other things) and big stress seems to aggravate it enormously. The switching bonus sounds very nice. I would love to know how many customers will leave HSBC because of this even at this early stage. I think it may just blow up in their face long term.
  • janer1967janer1967 Member Posts: 11,085 Disability Gamechanger
    Hi I have never switched banks but my understanding it is quite easy and the bank you move to should do all the work for you like switching direct debits and payments etc if they dont do this then dont switch find one that does

    It shouldnt have any effect on DWP, as long as they are given your new bank details, lots of people switch accounts for lots of reasons and this isnt fraud
  • Ross_ScopeRoss_Scope Posts: 4,097

    Scope community team

    I hope the above information has helped @CJ61 :) 

    It's certainly helped me because I've wondered the same in the past, switching banks has been on my list of considerations for a little while.
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  • woodbinewoodbine Community Co-Production Group Posts: 4,413 Disability Gamechanger
    It's really simple to do now, some banks (nat west and rbs e.g are offering £100 if you switch to them), just open an account with whichever bank you choose and they will do the rest, the DWP will write to you to check it's you who have switched banks etc but it shouldn't't interfere with any payments into or out of your account.
    Just one note of caution if one bank is going to start charging they will all follow suit, I can remember the days when we had to pay for every cheque we wrote and every standing order, having said that they paid decent interest rates even on current accounts which cancelled out most charges if you stayed in credit (yes I am that old !)
    "Putting a child into care, isn't caring for a child" (T.Rhattigan)
  • CJ61CJ61 Member Posts: 63 Courageous
    Thank you everybody. Good point about them all following suit in starting to charge. Im determined but still a bit too scared to make the leap. Just have to wait and see what HSBC do. 
    Good to know the DWP  write to me and dont just stop my payments. 
    thanks again for advice.
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