An Update on Overdrafts

[j06 (Jamie)]

My take on a partial switch from elsewhere in the forum:

@j06

I’d never trust any bank, including Monzo, sorrynotsorry, to do a partial switch. As far as I’m aware the same guarantees aren’t in place, and there isn’t really any incentive for the bank clerk, who has no idea of immediate cash flow and bills, to get it right.

@j06

A partial switch, automated or not, is not subject to the Current Account Switch Service Guarantee. This means:

a) There is no time limit of seven days. Theoretically a partial switch could take over a month, crashing my mortgage payment direct debit. Nothing would technically have gone wrong from the bank’s point of view because there is no target of a week.

b) If anything were to go drastically wrong, and I find myself either out of pocket through non-payment charges, or my credit file is marked, the bank is under no obligation to make things right again.

Not going to let anyone meddle about where my mortgage is concerned.

tl;dr – do it yourself.