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.
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.
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.
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 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.
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.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!
I don't opt for an overdraft. The way it is working at the mo, I am only having the account for a month or so before switching away again.
The Natwest one I am doing has pretty much completed within 24 hrs, very very easy in comparison to the others and money within 7 days so fast too.
The Natwest one I am doing has pretty much completed within 24 hrs, very very easy in comparison to the others and money within 7 days so fast too.
I've just started, but so far I will have accrued 575 since December. I think it is a decent return for effort but you have to be savvy.
My main account, and where I am paid will never change. I used "other accounts" to do this, so they can come and go at will. All I have now done is move my phone bill DD with EE to whatever account I want to use, and then also setup the afore-mentioned £1 a month no term no fee DD service on the same account - so have 2 meaningless DD's in place ready to switch.
The application for new bank is all online and has taken roughly 10 mins per switch, sometimes less. Downloading the app and registering it, again around 5 minutes tops. So a max of 15 mins work per switch, then sit back and wait for the reward.
My main account, and where I am paid will never change. I used "other accounts" to do this, so they can come and go at will. All I have now done is move my phone bill DD with EE to whatever account I want to use, and then also setup the afore-mentioned £1 a month no term no fee DD service on the same account - so have 2 meaningless DD's in place ready to switch.
The application for new bank is all online and has taken roughly 10 mins per switch, sometimes less. Downloading the app and registering it, again around 5 minutes tops. So a max of 15 mins work per switch, then sit back and wait for the reward.
irc said:
Free money is always attractive but I have no desire to leave my main First Direct account. Has anyone set up a new account with a bank with the intention of using it to switch for cash later?
Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
FD is one I switched to and kept. Its the only account I kept - due to international no fee transactions.Any requirements for a minimum amount to be paid in could be done from First Direct before being taken back out. Two small dds to charity would cover that aspect.
On one hand why not? On the other hand I am lazy and prefer simple as possible finances and I don't need an extra few hundred quid.
I just switch the other 8 accounts instead, that I don't need.
You don't need t though thats the point. Just open / use another current account. I have done this, same account gets switched then switched again, sometimes within 1 day of the last switch completing. I have around 3 dormant accounts. You don't need to use them at all - just make sure you comply with the initial deposit requirement to get the cash. Transfer money in at 08:00, then back out at 08:01 - desposit made, box ticked, job done. It is so easy.
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