Halifax News Update: Switching Bank Accounts

Halifax News

Halifax news update: a new easier way to switch bank accounts has been introduced this week with 33 banks involved. The scheme should start within a month.

The New Halifax Process

A brand new service is to be introduced on the 16th September 2013. This new service will remove the struggles of switching bank accounts between firms. This new scheme will increase competition between banks and will also cut down on wait time between accounts being moved. This was announced by the UK’s payment body, The Payment Council, on the 16th of August 2013. The program includes 33 major banks and building societies with the likes of Halifax being involved. This new agreement will cut wait time form 30 working days down to only 7 working days, making life a lot easier for the customer. The Payment council announced that this new fast, reliable scheme would be launched on the 16th September. The new system will also move in and out going payments to the user’s new accounts from their old. For the following 13 months after the switch any transactions to the customer old account will be automatically redirected to the customer’s new account, to prevent the user losing money after the switch. If the user experiences problems during the change over they will be refunded interest charges to compensate for difficulties. Due to the competitive aspect this new scheme brings into banking many have been seen to be preparing for the changes and challenges ahead. Experts are already claiming to have seen evidence that banks are preparing for this new switch. Halifax is offering a £100 pound incentive to switch with this new system to Halifax customers . However this forces a customer to completely shut their previous current account when they change to Halifax.

The Payments Council has confirmed that by using the new system old current accounts must be closed when the change is confirmed. Halifax have therefore done nothing wrong, before the new scheme was introduced customer would simply have to move their incoming payments and direct debit to Halifax to receive the £100. Halifax claims they have changed the rules in preparation of this new program. Customers do have the option to not use the guarantee and manually move their money themselves. Organisations who currently provide current accounts will be advertising this new guarantee on their websites and within high street branches. Halifax aim to take advantage of this system to boast customers by introducing new methods of enticing customers with financial rewards for using the new system.

For more information on Halifax, click here.

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