Dump your rubbish bank in 7 days
Soon you’ll be able to switch your current account without having to wade through miles of red tape and tearful phone calls and letters from your former bank.
The Payments Council say that their Current Account Switch Guarantee service is on track to start in September – which means you’ll be able to leave your crap bank within 7 days, rather than the current 30 days.
The free service, which is costing in the region of £750m to implement, is designed to give customers greater freedom to choose between banks. The big banks dominate and love the fact that it’s tricky to switch, so hopefully this will put a rocket under the complacent tosspots, leading to better customer service and more competitive deals. (or…maybe not?).
In any case, all the major banks and building societies have signed up. When the service launches, customers will be able to choose their switching date and if anything goes wrong, any charges will be refunded. So you can switch and ditch within the week - after years of shoddy service from the bank you signed up to when you were a drunk student. Hurray!
Maybe one day, you’ll even be able to dump your bank by text. ‘it’s not me, HBOS – it’s you.’