- Jun 27, 2006
As Michael says a new bank will take over tranfers etc. However, some banks are better (i.e. more efficient) at this. The moneysavingexpert.com boards (which I found when I was researching whether HSBC had it in for me personally, or if they treated everyone the same) have some true horror stories about what can happen if they DON'T get it right. On the whole, the former building societies seem to have their act together more - I suspect because they haven't outsourced their customer support, but even there, the record can be patchy. Much seems to depend on how complex your finances are(e.g. multiple standing orders and direct debits seem to up the likelihood that something will go wrong). Direct debits, in particular, can cause problems, because if they're not transferred correctly, you can suddenly end up with serious black marks on your credit record. What I'm trying to say is, do not assume that they'll get it right, and go merrily on your way: CHECK! 9 time out of 10 it will be fine (or maybe 99 times out of 100).