Our switcher performance
Moving your business account to Lloyds TSB is easy. We’ll take care of everything leaving you free to run your business.
We know your time is valuable so it’s our aim to make sure the transfer of your account is as easy as possible, with minimal disruption to you. In accordance with the requirements set out by the Office of Fair Trading (OFT) we are publishing our overall performance to the target timescales for the last six months. The table below clearly shows the commitment we have to meeting the 80% pass rate set by the OFT. In fact, in every category we have far exceeded this.
The figures below are based on customers with an annual turnover of up to £25 million transferring to or from LTSB via our dedicated central switching unit, between July and December 2007.
Moving to Lloyds TSB | Target timescales* | OFT target | Lloyds TSB achievement |
|---|---|---|---|
We will set up your standing orders and Direct Debits and ask your old bank to cancel payments from your old account | Within 3 working days of receiving payment details from you or your old bank | 80% | 99.30% |
We will request the outstanding balance from your old bank | Within 2 working days of accepting your application | 80% | 99.96% |
We will transfer to your current bank sufficient funds to clear any overdraft (including interest and costs) | Within 2 working days following request subject to us as the new bank being in a position to do so | 80% | 100% |
Moving from Lloyds TSB | Target timescales* | OFT target | Lloyds TSB Achievement |
|---|---|---|---|
We send your new bank a list of your existing standing orders and Direct Debits | Within 2 working days of receiving the request from your new bank | 80% | 99.98% |
We cancel all your standing orders and Direct Debits | Within 2 working days of receiving the request from your new bank | 80% | 99.98% |
If you are transferring an account with a credit balance, we will send to your new bank the outstanding balance from your account and close your account, if closure requested | Transfer credit balance within 3 working days of receiving the request from your new bank to transfer funds; and if requested close your account within 4 working days of receiving the request from your new bank to transfer funds | 80% 80% | 99.95% 99.97% |
If you are transferring an account with a debit balance, on receipt of funds from your new bank we will clear the overdraft balance and close your account, if closure requested | Repay overdraft within 3 working days of receiving the funds from your new bank; and if requested close your account within 4 working days of receiving funds from your new bank that clear your overdraft | 80% 80% | 100% 99.88% |
Working days do not include Saturday, Sunday or bank holidays and all reference to the number of working days excludes the working day we receive your request.
Sometimes, for whatever reason, customers decide to change banks. We hope that customers would not wish to leave Lloyds TSB but if this happens, we make the process as easy and as stress-free as possible, as our performance above demonstrates.
