SME Account Switching Payments

Published Date 2nd April 2013

Next Steps:

Call into a branch

Related Information:

SME Account Switching Payment Scheme

Tasks and Targets when SME customer decides to move their account to another Financial Institution. A customer may apply in writing to First Trust Bank for compensation if they feel that we have not met the timescales for each task as detailed below.

Old Bank
TASK A	TIMESCALE
Forward details of existing direct debits and standing orders following receipt of request to do so either from SME customer or New Bank (authorised by customer)	Within 3 business days of receipt
TASK B	TIMESCALE
Action request by customer or New Bank (authorised by customer) to cancel direct debits and standing orders	Within 3 business days of receipt or where a later date is specified or agreed with customer or New Bank
TASK C	TIMESCALE
Action request by customer or New Bank (authorised by customer) to transfer available balance to customer or New Bank	Within 4 business days of receipt. An additional business day is applicable where the customer or New Bank has requested closure of account
TASK D	TIMESCALE
Where applicable upon receipt of sufficient cleared funds from customer or New Bank to clear balance of customer's Overdraft (including interest and costs)	Within 4 business days of receipt. An additional business day is applicable where the customer or New Bank has requested closure of account

Performance for 6 months from 2nd July 2012 to 31st December 2012 in relation to successfully completing account switching tasks at a standard of 80%.

Results
TASK A	100.00%
TASK B	100.00%
TASK C	100.00%
TASK D	100.00%

New Bank
TASK A	TIMESCALE
Following receipt of details of direct debits and standing orders from old bank or SME, set-up in accordance with instructions and in relation to the latter by sending transfer advice to the DD originators advising them of details of both the old and new bank	Within 3 business days of receipt
TASK B	TIMESCALE
Where applicable and requested by SME, send request to old bank to transfer to it, the available balance remaining in SME's account with old bank	Within 2 business days of receipt or where a later target date has been agreed with SME
TASK C	TIMESCALE
Where applicable, and provided SME has put new bank in a position to do so, action request to transfer to old bank funds, in accordance with SME's instructions, to clear balance of SME's overdraft (including interest and costs) remaining in SME's account with old bank	Within 2 business days of receipt or where the later target date has been agreed with SME

Performance for 6 months from 2nd July 2012 to 31st December 2012 in relation to successfully completing account switching tasks at a standard of 80%.

Results
TASK A	100%
TASK B	100%
TASK C	N/A

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The information provided in this guide does not constitute tax, legal, investment or any other advice.

First Trust Bank is a trademark of AIB Group (UK) p.l.c. (a wholly owned subsidiary of Allied Irish Banks, p.l.c.), incorporated in Northern Ireland. Registered Office, 4 Queen's Square, Belfast, BT1 3DJ. Registered Number, NI 18800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. First Trust Bank is covered by the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000.

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