How easy is it to change banks?

[BobsLawnService]

Lately Standard Bank has gone from being pretty average to just being utterly putrid and frustrating to deal with. That is when they aren't having system issues (Which seems to be their default state these days.), when they're even worse.

I've now decided that I want to change banks.

My concern is that I work from 7:30-17:00, I just don't have the time to fill in dozens of forms, print stuff out, complete, sign, rescan and email dozens of forms.

I will be moving all my accounts, car loan and credit card and will need to redirect half a dozen debit orders, etc.

How much of a mission is that going to be? Has anyone done this recently and can they give any advice, etc.?

 

[dunkyd]

Don't move. Just open a new account at FNB and they'll change everything for you. Did this 10 years ago and seem to remember it only took 1 or 2 forms and it was done. Remember they already know everything about you

 

[BobsLawnService]

How has your experience with FNB been?

 

[HavocXphere]

If you're moving to a high end account you can probably get them to deliver the paperwork to you workplace.

Moving that much stuff might turn into a bit of a mission though - esp on the car loan.

 

[dunkyd]

Top notch. Accounts,cards,shares,paypal,petrocard,forex all working without any hassle. Do banking on my phone and laptop. Never been into a branch.

 

[themank]

I wouldn't move the car loan. It's not like you transact with that account everyday.

 

[VG008]

As mentioned by dunkyd, FNB is the answer to your problems.

When I opened my FNB account, 4 years ago, the entire process was done online and via the telephone.
The application forms was filled out online.

Once the FNB agent receives the application, they will phone you to confirm some details, and ask for consent for credit checks (if you taking any credit products). Once that process is done, your account is opened. During this process, you can fill out the debit order switch form, so they will move your debit orders for you.

You will then need to submit your FICA documents and pickup your cards.
If you are taking out the platinum or higher products, they will collect your documentation and deliver your cards for free. Otherwise your pay for delivery or have to go into the branch.

I haven't experience any major issues with FNB.
I just didn't like going into the branch to open an investment account; Apparently you can't do this online.

 

[battletoad]

I shopped around for a new bank last year. Went to the FNB website, just supplied my number and email.

Got a call after a few days from a consultant. After say 10mins, I was informed that they'd courier my cheque card to me, and all I needed to do was take a few forms to an FNB branch.

I didn't go through with it though, so I can't say how debit orders etc. are dealt with.

 

[Solitude]

I changed from Absa to FNB about this time last year. It was an easy process. I went to an FNB branch where I opened my new accounts and they asked for statements from my Absa accounts so that they can see the debit orders. I filled in some forms and voila I had new accounts. I kept the Absa ones open until I was sure all the debit orders weren't going off there anymore. A month later I closed everything at Absa.

Fnb keeps you in the loop about the debit orders too. They will sms you once debit orders are changed. Some take longer than others.

Overall I've been very happy with the switch and it was much easier than I anticipated.

 

[mr_norris]

I would avoid going the online route with FNB at all costs. I'm just going to drop this here.

I had a rather low end account with Sub-Standard, and I have a rather low end account with FNB now (cheque account, nothing else). In my eyes, they're all the same crap with different skins.

 

[satanboy]

How has your experience with FNB been?

Beyond atrocious

 

[pezulu]

Moved from ABSA to FNB about 5 years ago.
Online application took about 10 minutes.
A representative called my back the next day to say that my cheque card would be delivered.
All I had to do was take in my FICA documents myself.
From there, I have hardly ever seen the inside of the bank. Everything is done electronically.

 

[Tinuva]

I moved to FNB when I was still a student...and ABSA couldn't give a crap. Best move I ever made. \
My experience with FNB thus far (9-10 years) been:
- It just works.
- Excellent support on the few occasions I do need it
- Addition of ebucks rewards is a massive plus

 

[Billy]

Don't move. Just open a new account at FNB and they'll change everything for you. Did this 10 years ago and seem to remember it only took 1 or 2 forms and it was done. Remember they already know everything about you

This.

Moved from SB after decades to FNB. No regrets, saved a fortune in costs, and now get several hundred a month in EBucks.

 

[D3nz]

How does ebucks compare to absa rewards?

 

[Billy]

It rather depends what level you are on.

Level 5 with EBucks is a no contest.

One major disadvantage of ABSA Rewards is that you have to bank at ABSA,

 

[air]

How does ebucks compare to absa rewards?

As mentioned above, depends on your rewards level, if on rl5, you can do very well - do a search on ebucks and you can see that some peeps do more than OK.

 

[OrbitalDawn]

Did mine the same way Solitude did, except I never went to a branch. Did it online, was quick and easy.

Agreed with not necessarily moving your car loan, though. It's not a transacting account and you'll probably not get a better rate.

 

[3WA]

Moved from Standard to FNB last year. I had to fill in a form listing all my debit orders (company, account number, some other details), and FNB were able to switch half of them successfully. The other half I had to do myself. Totally worth it.

 

[the eskimo]

It's easy enough to switch banks. I switched from Nedbank to FNB just over a year ago.

Some tips:
1. Do the debit order switching yourself as some companies do not authorise anyone other than yourself to change your debit details.
2. Don't switch any loans (vehicle, home, or personal) unless you get a very good deal as there are costs associated with switching.
3. If you owe on a credit card, see if your new bank does balance transfers at preferential rates or offer some other benefit (FNB offered up to R100pm off smart devices at one stage)
4. Keep old account open with some funds available until all your debit orders have successfully gone through on your new account. Some companies can be delayed when updating debit order details especially when you cant update bank details online. Edgars (and others) will report you to the bureau if your debit order bounces
5. When you close your old account and have a positive balance, EFT the balance out of the account. Else, they'll want to manually process a branch/agent assisted payment (at higher cost than a online payment). If you do owe something for fees, interest or whatever you can pay that by some other means.
6. Inform your family, friends, employer and anyone else you think would have you as a beneficiary that you have new banking details.