Using the switching code to move bank accounts - Newstalk 

Image audioUsing the switching code to move bank accounts - Newstalk 

In this interview, our Head of Communications Daragh Cassidy discusses whether or not you should use the switching code when changing current account providers. You can learn more about the points covered on the switching process here

We also hear from a customer who recounts his first-hand experience and the difficulties he has faced when using the switching code to move banks. 

If you would like to read an in-depth account of switching bank accounts without using the switching code, take a look at this article written by a member of our team. 

Should I use the switching code to move banks?

The switching code is not equipped to deal with the thousands and thousands of people looking to switch bank accounts at the moment. There are long delays and it's beginning to get messy as people try to switch from KBC or Ulster Bank

I would advise you to ignore the switching code and to open up your new current account yourself. This means you need to move your direct debits and standing orders over to your new account yourself.

Some people may struggle manually changing things over themselves, particularly older people who aren’t used to carrying out tasks online. Similarly, if you’re looking to open a joint account, you’ll likely have to go into a bank branch.

Most banks will only accept a passport as a form of ID, which has to be in date. If you have a non-EU passport, you’ll have to go into a bank branch as well, but there are long queues and delays.

You can learn more about this process by reading our guide on how to switch current accounts.

Will my new provider provide me with an overdraft and credit card facility? 

The banks you are moving to are under no obligation to take on your debt. In fact, financial institutions such as EBS, Revolut, and N26, don’t even offer overdraft facilities. 

If your new bank does not offer you a credit card or overdraft facility, you will have to pay back your debt to your current bank in a short space of time.

This can put a lot of pressure on KBC and Ulster Bank customers who have to switch banks.

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