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Taking the hassle out of switching banks

DirectDebit.co.nz has launched a new Do-It-Yourself guide to help consumers switching banks to make sure their direct debt payments move successfully with them.

Monday, October 4th 2010, 10:21PM 4 Comments

DirectDebit.co.nz founder Paul Latham says changing direct debits can be a particularly frustrating and he hopes its guide will make the transition easier.

"Direct debits are often overlooked when people come to change banks and yet successfully altering them relies on the co-ordination of so many different parties," says Latham.

The Do-It-Yourself guide gives a clear process to follow and keep track of with useful tips such as keeping two accounts - the new one and the old one - open for up to two months.

Latham says the inconvenience of paying one month's extra account fees is easily negated by the loss of a prompt payment discount or being slapped with a dishonour fee should a direct debit fail.

He adds that switching banks provides a great opportunity for consumers to spring clean their finances, including cancelling "dead" direct debits - those that still exist on the bank's system, but are no longer required - or those being paid, but not used.

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Comments from our readers

On 5 October 2010 at 8:13 am Ron Peek said:
Any bank offering this as a service would instantly gain a large number of customers.
On 5 October 2010 at 10:26 am Murray Chong said:
Many of my clients are better of changing Banks for financial reasons and in some cases several hundred dollars per month better off with cash flow.
Many clients just think its a hassle to change banks because of changing all of their DDs.
This system makes it very easy and they can do it in their own time and at home.
On 5 October 2010 at 4:50 pm Sarah Lochead-macMillan said:
Most of the banks already offer to do this for clients to win their business. All you have to do is ask.
On 6 October 2010 at 11:35 am Claire Matthews said:
Banks will change your direct debits etc over if you are moving to them, but you still have to provide them with the details of all the payments that you have. And study shows that customers don't necessarily want the new bank to do it, for a variety of reasons.
Commenting is closed

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - ▼3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

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