This is copied from this thread which refers to a move from NIB to Ulster Bank. But presumably the same applies to all banks - Brendan
I chose the standard current account. As far as I remember the only difference is that the step account does not have an overdraft facility whereas the standard one does.
First let me explain how the procedure is supposed to work and then let me make a few recommendations based on my experience.
All banks operate a switching procedure. This is supposed to make switching between institutions easier, by automating the procedure. They say it will take between 2 and 3 weeks to complete. The idea is that you go to Ulster Bank and say you want to switch your NIB account over to a new current account with them. You fill in their paperwork and nominate a switching date. This is the date that you have decided you want the switch to happen. (the 2-3 weeks starts from then). The trick is to pick a date when there are no DD’s or standing orders coming out of your account for at least three days before or after that date. (Of course in the real world there isn’t likely to be a date when your account is completely inactive for 6 consecutive working days) Ulster Bank will then contact NIB ahead of the switching date and instruct them that you wish to change your account from NIB to Ulster Bank on that nominated date. On the day before the switching date NIB will ring you, just to verify that you actually requested to leave them and that it isn’t some sort of error. Then on the switching date NIB will issue to you, by post, a list of all active DD’s and standing orders which were set up on your account. They will send letters to all those DD originators informing them of your new account details with UB and asking them to update their systems accordingly. They will then close your account and transfer the remaining balance to your new UB account. Your ATM and credit card will cease working.
Sounds great doesn’t it. However it doesn’t really work that way. I have switched accounts three times in the last five years and so far it has never gone according to plan. The reason is that there is a great deal of manual work undertaken by both banks and all communication between those banks and also with your DD originators is done by post, which adds extra delays. It is actually far easier, in my opinion, to chose not to use their switching service at all and instead do it manually yourself. What tends to actually happen, in the real world, is that UB might get delayed setting up your new account because they are so busy at the moment this then cause them to miss your nominated switching date, so, they wait until the same day the following month instead. (great your 4 weeks behind already) Then NIB, who are in no rush to lose you, don’t get around to shutting your account down until about a week after they were supposed to. Then they forget to send letters to half your DD originators. So, the next thing you know, you are being rung by ESB and Vodafone and everyone else complaining that your DD’s have bounced. You have missed your mortgage repayment and you start freaking out that your credit rating is going to be damaged.
So, to avoid all those hassles, I would recommend you do not use their switching service and instead you do it manually, and it is a lot easier than it sounds.
First, make an appointment to go into UB and open your new current account (remember to bring all the necessary paperwork, payslips proof of ID etc) it can be done by post but it is actually a lot easier and quicker if you go in person. The account will be set up and you will receive a letter confirming your new sort code and account number in around 3 days. A couple of days later you will receive your ATM card and your PIN. Around the same time you will be set up on their online banking and phone app. Your new account is now ready to use.
Second, inform your employer of your new account details so that your salary goes to the new UB account.
Third, you want to start transferring you DD’s across to UB. Start off by transferring some money into your UB account, so that you actually have a balance. You can then sit down and ring each of your DD providers and tell them you want to change your DD details. Now you are probably thinking that that sounds like a pain in the This post will be deleted if not edited to remove bad language, well, surprisingly it’s not. The majority of them do it over the phone and send you a confirmation letter in the post the next day. A couple of the more old fashioned ones might insist you sign a new mandate and fax or post it back into them. I did this in work one day during lunch break. In 45 minutes I had all of my 6 DD’s transferred. Make sure to leave some money behind in you old NIB account in case a DD doesn’t transfer correctly or in time. That way you avoid a DD bounce issue.
Fourth, wait for a while until you see the DD’s coming out of the new UB account. Once you are happy that everyone is now using your new details and your old NIB account has been sitting there doing nothing for a while, you can just transfer the remaining balance of your NIB account to the UB account and tell NIB to close your old account.
Obviously this method is dependent on a few things. You being able to figure out what DD’s are supposed to be coming out of your NIB account, is the first. Second that you actually have enough money to be able to leave a small balance in both the new and old accounts for a couple of weeks while you make sure everything has settled down nicely. And thirdly, that you can live with probably being hit with a small amount of fees by NIB because you won’t have switched away in time.
On the issue of the credit card. You can apply for a new credit card from UB when you are opening the current account. It takes 2 weeks for approval and then about another 2 weeks for postage.
If you have any questions at all feel free to send me a PM.
I chose the standard current account. As far as I remember the only difference is that the step account does not have an overdraft facility whereas the standard one does.
First let me explain how the procedure is supposed to work and then let me make a few recommendations based on my experience.
All banks operate a switching procedure. This is supposed to make switching between institutions easier, by automating the procedure. They say it will take between 2 and 3 weeks to complete. The idea is that you go to Ulster Bank and say you want to switch your NIB account over to a new current account with them. You fill in their paperwork and nominate a switching date. This is the date that you have decided you want the switch to happen. (the 2-3 weeks starts from then). The trick is to pick a date when there are no DD’s or standing orders coming out of your account for at least three days before or after that date. (Of course in the real world there isn’t likely to be a date when your account is completely inactive for 6 consecutive working days) Ulster Bank will then contact NIB ahead of the switching date and instruct them that you wish to change your account from NIB to Ulster Bank on that nominated date. On the day before the switching date NIB will ring you, just to verify that you actually requested to leave them and that it isn’t some sort of error. Then on the switching date NIB will issue to you, by post, a list of all active DD’s and standing orders which were set up on your account. They will send letters to all those DD originators informing them of your new account details with UB and asking them to update their systems accordingly. They will then close your account and transfer the remaining balance to your new UB account. Your ATM and credit card will cease working.
Sounds great doesn’t it. However it doesn’t really work that way. I have switched accounts three times in the last five years and so far it has never gone according to plan. The reason is that there is a great deal of manual work undertaken by both banks and all communication between those banks and also with your DD originators is done by post, which adds extra delays. It is actually far easier, in my opinion, to chose not to use their switching service at all and instead do it manually yourself. What tends to actually happen, in the real world, is that UB might get delayed setting up your new account because they are so busy at the moment this then cause them to miss your nominated switching date, so, they wait until the same day the following month instead. (great your 4 weeks behind already) Then NIB, who are in no rush to lose you, don’t get around to shutting your account down until about a week after they were supposed to. Then they forget to send letters to half your DD originators. So, the next thing you know, you are being rung by ESB and Vodafone and everyone else complaining that your DD’s have bounced. You have missed your mortgage repayment and you start freaking out that your credit rating is going to be damaged.
So, to avoid all those hassles, I would recommend you do not use their switching service and instead you do it manually, and it is a lot easier than it sounds.
First, make an appointment to go into UB and open your new current account (remember to bring all the necessary paperwork, payslips proof of ID etc) it can be done by post but it is actually a lot easier and quicker if you go in person. The account will be set up and you will receive a letter confirming your new sort code and account number in around 3 days. A couple of days later you will receive your ATM card and your PIN. Around the same time you will be set up on their online banking and phone app. Your new account is now ready to use.
Second, inform your employer of your new account details so that your salary goes to the new UB account.
Third, you want to start transferring you DD’s across to UB. Start off by transferring some money into your UB account, so that you actually have a balance. You can then sit down and ring each of your DD providers and tell them you want to change your DD details. Now you are probably thinking that that sounds like a pain in the This post will be deleted if not edited to remove bad language, well, surprisingly it’s not. The majority of them do it over the phone and send you a confirmation letter in the post the next day. A couple of the more old fashioned ones might insist you sign a new mandate and fax or post it back into them. I did this in work one day during lunch break. In 45 minutes I had all of my 6 DD’s transferred. Make sure to leave some money behind in you old NIB account in case a DD doesn’t transfer correctly or in time. That way you avoid a DD bounce issue.
Fourth, wait for a while until you see the DD’s coming out of the new UB account. Once you are happy that everyone is now using your new details and your old NIB account has been sitting there doing nothing for a while, you can just transfer the remaining balance of your NIB account to the UB account and tell NIB to close your old account.
Obviously this method is dependent on a few things. You being able to figure out what DD’s are supposed to be coming out of your NIB account, is the first. Second that you actually have enough money to be able to leave a small balance in both the new and old accounts for a couple of weeks while you make sure everything has settled down nicely. And thirdly, that you can live with probably being hit with a small amount of fees by NIB because you won’t have switched away in time.
On the issue of the credit card. You can apply for a new credit card from UB when you are opening the current account. It takes 2 weeks for approval and then about another 2 weeks for postage.
If you have any questions at all feel free to send me a PM.
