Skip to main content

7 day bank switch

Changing the bank used to be tedious and time consuming. Most people never bothered to change after they first started using a high street bank. To change this atmosphere of stagnation and to induce greater competition, the UK government has introduced a scheme were your bank must be able to close and transfer your account to another bank within 7 days.
This is a process which normally took around a month to do which was the reason for people to be reluctant in switching. Here are some of the features:

1.      For 13 months, payments accidentally made to your old accounts will be transferred to your new account. The sender will also be contacted with your updated bank details.
2.      Direct Debit’s and standing orders as well as pay will be automatically transferred to the new account.
3.      Any money in the account will be transferred!
4.      New bank will refund any losses if there is a mistake made which incurs charges or interest lost.
5.      This service is free!

A potential pit fall with using the scheme is that any recurring payments also known as continuous payments are not part of the guarantee. These are payments organised using just your debit card and not your bank account details. These payments need to be manually changed by contacting the concerned parties.

A final thought, if you want your old account open after the switch this is not possible. To do this you will have to switch the old way which takes around 30 days with no guarantees made on payment redirection.

Happy switching!


Popular posts from this blog

The Meaning of Derby City Council Logo

The logo of Derby City Council looks quite abstract and modern. I wonder what's the meaning of it? The lower-left part of the logo looks like a snail (or the initial letter D in Derby?), the upper-right part seems a river, (Derwent river?) these two parts are connected by a straight line at the bottom.

I did some searches on the web trying to find out the true meaning of Derby City Council logo, but without success. So, I wrote to tourist information, and got the answer from Michael:
The Logo is a representation of two of Derby's oldest emblems, one being a ram the other a buck (deer). Obviously the logo is a modern interpretation of these two figures so it is not obvious unless you know what to look for. Most people do seem to agree with you that it looks like a snail however.
Ram! the curly horn of ram looks like a snail indeed. The ram and the deer are from coat of arms of City of Derby,
In this coats of arms, we can see the deers both in shield (arms) and supporter, but the…

Fw: Story -- A Lazy Fat King

Sent from my BlackBerry® wireless device From: brenda sheng <> Date: Sat, 22 Feb 2014 19:26:52 +0000 To: Jim Sheng<> Subject: Story
The Fat King

Once upon a time there was a kingdom with... a fat king! He was very fat and lazy, he had 10 servants to help him to eat, and helped him to go to bed, and lots of other things. His first servant served the food on the table, the second servant put food on the spoon, the third servant opened his mouth, the fourth servant put the food in his mouth, the fifth servant had to help him chew! The sixth one fed him soup, the seventh one blew the soup if it was too hot, the eighth one wiped his mouth with a wet towel, the ninth one fed him desserts, and the tenth one put drinks in his mouth. The king was ''so'' lazy that he didn't even walk! He was carried around by some servants.

One day the chairs for the king were braking so the servants had to make special beds, then the…

You can find your Wireless Network Key on Virgin Media Wireless Router

We have a new netbook computer, and don't know where to find network key, which is needed to setup wireless connection.

A network key may also be called WEP (Wired Equivalent Privacy) key or WPA (Wi-Fi Protected Access) key.

A wireless network key is a security feature that prevents unauthorized users from accessing a wireless network. An unprotected network is an unlocked virtual door, anybody within range can piggyback on the network undetected.

I use Virgin media broadband with a Virgin media wireless router, this router has a WPA key taped on the router, that WPA key is an English word consisting of 10 letters.

To tape network key on the router is a good idea, because we may never lose or forget a wireless network key as long as we possess the router.