There have been some great developments that have taken place in the UK this week. We will no longer subject to massive time delays in moving our current accounts to different institutions.
This is fantastic news for the consumers; it used to take at least four weeks if you let the banks move accounts from one bank to another. This was a ridicules amount of time. It meant that many people just didn’t bother to switch accounts and this has led to accepting bad service because of the inability to move quickly and effectively to a better organisation.
The UK has taken measures to make sure that if they are not happy with the current bank that they are using they can transfer the whole system in just one week. This will mean the end of people not wanting to move because of the annoyance of the time that it has taken in the past.
Banks will now have to listen to their customers or they will find the customers are going to walk away and chose another bank that can listen and offers a better service. Look at ways in which growing money is possible with a bank that will value your custom.
But be warned that there are times that this might not be to your best advantage, if you have a large overdraft facility you might not get the same in a new bank. Make sure that if you do decide to move your banking over that you are careful to pick the right bank and that you do not over stretch and effect your credit rating.
You need to be aware that if you hold a mortgage with your current provider you might have restrictions in place that will mean that you are unable to completely close the account. Check first to make sure that your move is practical and that you are able to get a better deal.