Switch Rejected - Why?
Discussion
Just done 2 switches, have numerous dormant accounts / infrequently used accounts and fancied the bonus cash. Both arranged in December.
First one gone through no issue, Lloyds to Nationwide.
Second one rejected ? Chase to First Direct. No explanation or reason given.
How can a switch be rejected? All accounts have been open a few years, have no negative balance or issues, I have or should have a high credit score as have never had outstanding or unpaid debt other than a mortgage which is 45% LTV. Had tonnes of loans in my life, all paid off in full and never a payment missed.
Any ideas?
First one gone through no issue, Lloyds to Nationwide.
Second one rejected ? Chase to First Direct. No explanation or reason given.
How can a switch be rejected? All accounts have been open a few years, have no negative balance or issues, I have or should have a high credit score as have never had outstanding or unpaid debt other than a mortgage which is 45% LTV. Had tonnes of loans in my life, all paid off in full and never a payment missed.
Any ideas?
Chase have been useless and said speak to a credit agency (?) but First Direct helpful and stated it shouldn't make a difference how many accounts / times you switch.
I already have a plan. I will await the monetary bonus from the now successfully switched Nationwide Account, then switch that account to First Direct. Simples.
I already have a plan. I will await the monetary bonus from the now successfully switched Nationwide Account, then switch that account to First Direct. Simples.
IIRC when we switched from Santander to Virgin last year they gave multiple warnings about it might not go through if there was even one thing slightly different in the data. Things like title, middle names, post codes etc. It had to be a 100% match. Is there a chance something is wrong maybe address is formatted wrong or something?
Amazingly, I have now just received a text from the first switch which has been successful, to say I don't qualify for the switch offer as I didn't transfer 2 direct debits. Transferring direct debits was not stipulated on the Nationwide Switch as I read the conditions carefully, it simply said switch your current account.
So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
Random_Person said:
Amazingly, I have now just received a text from the first switch which has been successful, to say I don't qualify for the switch offer as I didn't transfer 2 direct debits. Transferring direct debits was not stipulated on the Nationwide Switch as I read the conditions carefully, it simply said switch your current account.
So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
Would you like a tissue? So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
Random_Person said:
Amazingly, I have now just received a text from the first switch which has been successful, to say I don't qualify for the switch offer as I didn't transfer 2 direct debits. Transferring direct debits was not stipulated on the Nationwide Switch as I read the conditions carefully, it simply said switch your current account.
So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
Not sure of Nationwide's t&cs but I think quite a lot of the current a count switch rewards have stipulations such as regular deposits, regular payments I.e. DDs) or a positive balance for x months. So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services.
Total waste of time.
Most are designed to stop people doing exactly what you were attempting, free cash. As the saying goes, there's no such thing as a free lunch.
The nationwide switch terms are here: https://www.nationwide.co.uk/current-accounts/help...
Clearly states you need to transfer 2 direct debits.
Not sure why you think any bank is going to give you free money for switching dormant accounts!
Clearly states you need to transfer 2 direct debits.
Not sure why you think any bank is going to give you free money for switching dormant accounts!
I was well aware, and I did study the details - there were no stipulations I saw or that were obvious when I switched in Dec just before Xmas. Had there have been I would have happily generated the DD as requested.
Interestingly I seemed to have revived the second one and am now told it is going through.
Interestingly I seemed to have revived the second one and am now told it is going through.
Random_Person said:
I was well aware, and I did study the details - there were no stipulations I saw or that were obvious when I switched in Dec just before Xmas. Had there have been I would have happily generated the DD as requested.
Interestingly I seemed to have revived the second one and am now told it is going through.
Sure you're already aware but FD require £1000 of deposits in the first 3 months. They also state its a transfer of your regular current account so I'm not sure if there are more requirements in the fine print. Interestingly I seemed to have revived the second one and am now told it is going through.
Random_Person said:
So having pondered doing the switching thing for a few years and finally doing it, both have failed and neither of them has or will stump up the reward. So I have proved myself correct for not attempting to do this before. And I now have 2 accounts I don't want, as well as a load of wasted time having to setup phone, internet banking and contacting their customer services. Total waste of time.
Which is why I don't switch. I'm very happy with my bank, and £100 to b
ks everything up doesn't appeal.Random_Person said:
I was well aware, and I did study the details - there were no stipulations I saw or that were obvious when I switched in Dec just before Xmas. Had there have been I would have happily generated the DD
I sucessfully switched to Nationwide in late Nov - the 2 DD requirement for the bonus was clearly in place then.Having not bothered with bonus switching ever before, i did 8 bonus switches for my partner and I last year - including from both spare accounts and new accounts. All went through exactly to plan. Wish I'd done more previously.
I am still playing the game, but still having issues.
I was successful with First Direct and received my £175. Nationwide was a lost cause so I am using that as the next account to switch from.
I have opened up a TSB account to take advantage of their switch however, despite setting up or trying to setup 2 DD's on the Nationwide account, it isn't as easy as thought and I have missed the switch with TSB already. I had set up 2 DD's last week with Nationwide - one from my phone bill with EE and another paying a monthly subscription to Strava. Neither are showing in my Nationwide account, so no point switching as it will likely fail again. But both are active.
That's what I don't get. EE say first payment is due on the 4th and all is well, Nationwide has no record of the DD. The Strava billing they say is not a direct debit - but why and what is a DD then? It is a monthly sub / bill to a company so why is it not a direct debit? I have cancelled it as a result.
I presume the EE one will start showing at some point so I need a further. If I add the Nationwide Card as a payment method / additional card to Ebay or Amazon will this contsitute a direct debit? What does it need to be for a DD? The other cards I have linked to Ebay and Amazon show in those banks as DD's - even though they are rarely used. Why are these DD's yet the monthly payment for membership to Strava isn't?
So far I am learning ths switch bks is far more difficult than I expected. Once I have 2 inarguable DD's in place, I will switch away regularly however I can't even seem to get that sorted yet.
I was successful with First Direct and received my £175. Nationwide was a lost cause so I am using that as the next account to switch from.
I have opened up a TSB account to take advantage of their switch however, despite setting up or trying to setup 2 DD's on the Nationwide account, it isn't as easy as thought and I have missed the switch with TSB already. I had set up 2 DD's last week with Nationwide - one from my phone bill with EE and another paying a monthly subscription to Strava. Neither are showing in my Nationwide account, so no point switching as it will likely fail again. But both are active.
That's what I don't get. EE say first payment is due on the 4th and all is well, Nationwide has no record of the DD. The Strava billing they say is not a direct debit - but why and what is a DD then? It is a monthly sub / bill to a company so why is it not a direct debit? I have cancelled it as a result.
I presume the EE one will start showing at some point so I need a further. If I add the Nationwide Card as a payment method / additional card to Ebay or Amazon will this contsitute a direct debit? What does it need to be for a DD? The other cards I have linked to Ebay and Amazon show in those banks as DD's - even though they are rarely used. Why are these DD's yet the monthly payment for membership to Strava isn't?
So far I am learning ths switch b
ks is far more difficult than I expected. Once I have 2 inarguable DD's in place, I will switch away regularly however I can't even seem to get that sorted yet.Keep persevering!
For regular debits having googled simple options that would 'pull' though as a DD set up a small monthly payment to a SIPP, a couple of small charity contributions - plus also actioning some PayPal top-ups.
The latter I did as extras just in case - they showed up as DDs, however I don't know if they actually count - although I certainly would have tried to argue that if it said DD then it is one!
For regular debits having googled simple options that would 'pull' though as a DD set up a small monthly payment to a SIPP, a couple of small charity contributions - plus also actioning some PayPal top-ups.
The latter I did as extras just in case - they showed up as DDs, however I don't know if they actually count - although I certainly would have tried to argue that if it said DD then it is one!
Since this I have now worked out a definitive way around the DD requirement (not something needed for the current Natwest switch which I have just applied for).
There are a few companies, one called little direct debits, who exist for the sole purpose of switching. They will set up a £1 a month DD for an account / accounts, no terms or cancellation fees, and this serves as your DD. The money you setup is the payment for the service, but at £12 a year which should enable multiple switches this is pennies.
Just going through the motions now with Natwest and will move onto Lloyds too (who I just switched from)
I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!
There are a few companies, one called little direct debits, who exist for the sole purpose of switching. They will set up a £1 a month DD for an account / accounts, no terms or cancellation fees, and this serves as your DD. The money you setup is the payment for the service, but at £12 a year which should enable multiple switches this is pennies.
Just going through the motions now with Natwest and will move onto Lloyds too (who I just switched from)
I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!Random_Person said:
Just going through the motions now with Natwest and will move onto Lloyds too (who I just switched from) I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!
Bear in mind that most banks require a minimum 2 year break before going back..... I read online about super switchers who have made 6k plus doing this since it started, wish I had acted sooner!
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