Permanent TSB Switcher Service - any good?

run_Forrest_run

Hi,
Perhaps this has been asked before and apologies if is has but has anyone recently used the swtcher service in Permanent TSB?

I have recently opened an account with then and am wondering if they really do a proper job switching all the direct debits etc..from my other bank a/c or is it best to go about it manually myself to ensure no problems/missed payments occur. My main concern is with mortgage repayments etc..I don't want to miss one of those.

can anyone advise?

Stark

I take it you're switching from another bank? Personally I wouldn't trust them with such a complex task, I'd double-check everything manually.

run_Forrest_run

hi Stark, yeah I am moving from another bank and I am inclined to agree with you...I don't exactly trust them to do it right the first time. I will probably switch them myself..more time consuming but then I would be sure it's down properly in the first place.

Carb

I used the switcher service recently and I can't really fault it. It all went quite quickly. My last bank received a request from PTSB to send them a list of S/Os and DDs. This was promptly sent to PTSB and myself so I was able to check what was on the list. I then received a phonecall from the switcher team to double check the DDs and SOs were all included and correct. They were even going to send a letter to my employer to provide the new details, although in fairness this is quite easy to do yourself. The only thing to be careful about is you could be left with no money for a couple of days if you are waiting for a balance to be transferred from your old bank, but if you already have funds in your new account this won't be an issue. The only mishap I had was that I ended up paying someone elses pension for two months, but this turned out to be BOI Life's fault.

Stark

Getting my account switched myself but luckily I'm just upgrading from a standard TSB current account so shouldn't be too many problems for me. They're also letting me keep my account number, which is good, as the payroll department where I work are incompetent. (Takes them at least 2 months to make changes to your bank details, really sucks when you're just starting a new contract and don't get paid for 2 months :mad:).

D'Peoples Voice

Carb wrote:

I used the switcher service recently and I can't really fault it. It all went quite quickly

Disagree

Carb wrote:

My last bank received a request from PTSB to send them a list of S/Os and DDs. This was promptly sent to PTSB and myself so I was able to check what was on the list. I then received a phonecall from the switcher team to double check the DDs and SOs were all included and correct.

Agree

Carb wrote:

The only thing to be careful about is you could be left with no money for a couple of days if you are waiting for a balance to be transferred from your old bank, but if you already have funds in your new account this won't be an issue.

Agree this was a killer for me, my transfer was to occur approaching a weekend, I was left unable to take money out of my old bank accunt for 3-4 days, nor could I take money out of my new PTSB account for 3-4 days. thank god for credit cards!

The main problem I had is that, while PTSB have a list of your DD's, most companies ask you to fill in a new DD again because they treat it as being a new contract. Arguing with Bord Gais about this for instance gets you no where! Credit card companies are the same, Life Ass Co's are the same, ESB if I remember rightly did not insist on a new DD:)
If you don't fill in a new DD, then PTSB will set up your DDs and leave them ready for the relevant company to present for payment, which of course they don't present, because your previous bank told them that you were cancelling your DD with them and DO NOT GIVE THEM THE ADDRESS of your new bank. I was F*cked over by my old bank becasue of this. but PTSB were brilliant to me!

Carb

I suppose how quick it all happens depends on the competence of your old bank and the PTSB branch your dealing with. In my case, it all happened so quickly, that I had trouble getting ready for it ie, I had an overdraft in my old branch and I was waiting for motgage funds to clear it. I was also lucky in that I had recently moved from Dublin and was living in a mobile home beside my parents while I'm building my house so I didn't have the same volume of DDs that I normally had such as ESB ,Eircom, NTL, but those that I still had didn't require me to fill out anything new. These included o2, vodafone, credit card. Mortgage, SSIA, Life Cover were all standing Orders. I think o2 may have sent out something which I sort of ignored and payments still went through as normal.

In summary, my advice would be let the switching process go through as normal watching out for the points mentioned in earlier posts, and to watch your account closely for the next month to make sure everything is going through correctly.