Our switcher performance
When you move your account to us, we'll take care of everything involved in switching - leaving you free to concentrate on running 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 Lloyds TSB via our dedicated central switching unit, between January and June 2010.
Moving to Lloyds TSB | Target timescales* | OFT target | LTSB 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 the payment details from your old bank or your confirmation | 80% | 85.78% |
We will request the outstanding credit balance from your old bank | Within 2 working days of receiving your request, or in sufficient time to meet any date we have agreed with you | 80% | 87.46% |
We will transfer to your current bank sufficient funds to clear any overdraft (including interest and costs) | Within 2 working days of receiving your request, or in sufficient time to meet any date we have agreed with you,, subject to your new account being in a position for us to do so | 80% | 99.86% |
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% | 100% |
We cancel all your standing orders and Direct Debits | Within 2 working days of receiving the request from your new bank | 80% | 99.97% |
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 is requested | Transfer funds within 3 working days of receiving the request from your new bank; and if requested close your account within 4 working days | 80% 80% | 99.87% 99.61% |
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 is 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 | 80% 80% | 100% 99.61% |
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.
*Timescales detailed above are minimum targets set out by the OFT. If you would prefer a longer timescale on any step, we can tailor the process to meet your business needs.
We appreciate that sometimes customers find the need to switch their account to a different bank. We hope that customers would not find the need to move their account from Lloyds TSB, however if this need should arise we make the process as easy as possible; as our performance above demonstrates.
