You are here: Home - Saving & Banking - News -

Switching headache for Norwich & Peterborough customers

0
Written by:
31/01/2017
Thousands of Norwich & Peterborough (N&P) customers need to find a new home for their current accounts but may find switching a difficult process.

The Yorkshire Building Society announced last week it planned to close 20 of its own branches and 28 N&P branches, with the N&P brand disappearing altogether by April 2018.

All 100,000 N&P current account holders have been told to move their money by 31 August 2017.

However, N&P is not part of the Current Account Switching Service (CASS), which was launched by the government and banking sector in 2013 and aims to take the hassle and anxiety out of switching bank or building society.

Matt Sanders, head of money at comparison site GoCompare, said this was a poor deal for N&P current account holders.

“While the vast majority of UK current accounts are covered by the CASS process, there are still a number of small providers that don’t have the resources to commit to participation. As a result, N&P customers may have to manually switch their own accounts and won’t automatically qualify for most of the incentives on offer from the big banks for new customers who switch via CASS.”

Customers can still switch without the CASS process but they will have to manually identify regular payments that need to be transferred and also contact payees such as gas and electric providers, to set up new direct debits.

“Most customers will find they will have to trawl back through at least three months of statements to be sure they’ve identified all their transactions, otherwise they could be exposed to missed payment charges.”

N&P said it will write to customers in the next two weeks to provide details of how they can switch or close their account.

Once a customer has chosen a new provider, N&P said it will give the new provider details of any regular payments and arrange any account balance to be transferred to the new account.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
brexit vote
Brexit and Trump effect saw fund sales collapse in 2016

Sales of investment funds fell by £12bn year-on-year in 2016 as nervous investors adopted a more cautious approach in light of the...

Close