Late last year the UK brought in something called “7 day switch guarantee” in the hope it would shake up the banking sector and we would move banks more. Well this week I have decided to test it and here is what happened……
On Wednesday 20th August 2014 I phoned up the Halifax, who I have my spare bank account with, and started the switch. I was told the date the switch of accounts would be processed and completed would be Thursday 28th due to the bank holiday.
I was happy with this and stopped using the Nationwide bank card and moved over my balance. The only thing left in the Nationwide account was a £2 Tesco payment that was “pending”.
On Tuesday 26th I spoke to Nationwide’s Beth about this £2 and they said I could now transfer is over to the Halifax, but when trying to transfer the money the online banking would not let me.
Because of this problem I made a formal complaint about the online banking refusing to do a transfer and got a phone call back the following day from Chris from the complaints team. He said the account transfer to the Halifax was now complete and the £2 had in-fact been transferred over.
I logged into my Halifax online banking and found that in-fact £1.99 has gone over, not the £2 and after a little confusion Chris said the 1p was for bank charges, to which I kicked off about.
You guys know money is not important to me, but I fight for what’s right and if the Nationwide are hiding 1p charges or making it very unclear to people then people need to be told.
In the end he agreed to send me a 1p cheque to which I refused. I mean who in their right mind would walk into the bank to cash a penny cheque, it’s crazy. So I’ve asked him for a final response letter so I can take it to the Financial Ombudsman. I know it’s only 1p, but like I say, it’s the principle of the matter.
Apart from that the switch went well and I was told for the next 13 months ANY payments that are made into my Nationwide account would be transferred over to my Halifax account when the systems update at 3.30am.
This is where the other problem has happened…
It’s my payday today and it’s not showing in my account. I always have money in my bank so my bills have been paid, but it was worrying me that I’ve not had my wage.
I phoned up the Halifax and ended up speaking to someone at the other side of the world.
After I said “people in the UK are struggling for jobs and the Halifax gives jobs to people at the other side of the world? Whats that all about?” as my magic I was transferred to someone called Zack in the UK call centre.
After moaning to Zack that I have not been paid he said when my boss sends money to my Nationwide account it then takes up until 5.00pm for it to be moved over to my Halifax account. While I do understand this and it put my mind at rest what happens to people who are not as lucky as me? What happens to people who live from hand to mouth and they NEED that money to buy baby milk? They need to wait all day?
Due to this I do not recommend the 7 day switch at all, instead I would recommend you stay with your bank, or open an account at a 2nd bank and move everything yourself 1 by 1 and hey, if you are with the Natonwide watch out for those 1p charges lol
Till next time,