SME Account Switching Payments

 

SME Account Switching Payment Scheme

Tasks and Targets when SME customer decides to move their account to another Financial Institution. A customer may apply in writing to First Trust Bank for compensation if they feel that we have not met the timescales for each task as detailed below.

Old Bank

 

TASK A TIMESCALE
Forward details of existing direct debits and standing orders following receipt of request to do so either from SME customer or New Bank (authorised by customer) Within three business days of receipt
TASK B
TIMESCALE
Action request by customer or New Bank (authorised by customer) to cancel direct debits and standing orders Within three business days of receipt or where a later date is specified or agreed with customer or New Bank
TASK C TIMESCALE
Action request by customer or New Bank (authorised by customer) to transfer available balance to customer or New Bank Within four business days of receipt. An additional business day is applicable where the customer or New Bank has requested closure of account
TASK D TIMESCALE
Where applicable upon receipt of sufficient cleared funds from customer or New Bank to clear balance of customer's overdraft (including interest and costs)
Within four business days of receipt. An additional business day is applicable where the customer or New Bank has requested closure of account

 

 

Performance for six months from 1 January 2014 to 30 June 2014 in relation to successfully completing account switching tasks at a standard of 80%.

Results

 

TASK A   100.00%
TASK B 100.00%
TASK C 100.00%
TASK D 100.00%

 

New Bank

 

TASK A TIMESCALE
Following receipt of details of direct debits and standing orders from old bank or SME, set-up in accordance with instructions and in relation to the latter by sending transfer advice to the direct debit originators advising them of details of both the old and new bank Within three usiness days of receipt
TASK B TIMESCALE
Where applicable and requested by SME, send request to old bank to transfer to it, the available balance remaining in SME's account with old bank Within two business days of receipt or where a later target date has been agreed with SME
TASK C TIMESCALE
Where applicable, and provided SME has put new bank in a position to do so, action request to transfer to old bank funds, in accordance with SME's instructions, to clear balance of SME's overdraft (including interest and costs) remaining in SME's account with old bank Within two business days of receipt or where the later target date has been agreed with SME

 

 

Performance for six months from 1 January 2014 to 30 June 2014 in relation to successfully completing account switching tasks at a standard of 80%.

Results

 

TASK A 100.00%
TASK B 100.00%
TASK C N/A

 

 

Article published date: 16th December 2014