All change at Halifax

FOR CUSTOMERS of Halifax/Bank of Scotland, its imminent departure from the Irish market will leave many tangled up in an administrative mess as they engage in the process of switching accounts.

Account holders will start receiving letters from the bank over the next two weeks, detailing the impact of the changes but, with banking services due to end by May and all branches to be closed by the end of June, those with Halifax accounts should start taking action now to make sure they meet the deadlines. But how exactly will the changes impact on the different types of customers and what needs to be done?

BANKING 

The departure of Halifax from the Irish market is likely to cause current account holders the most pain as they will need to go to the effort of finding a new bank with which to conduct their day-to-day banking.

As this involves redirecting direct debits, pay cheques, mortgage payments, standing orders – to say nothing of the hassle of waiting to get new debit/Laser cards among other things – customers will find it a cumbersome task.

As such, while Halifax customers have until the end of May to switch, customers would be wise to start this process now by looking for a low-cost alternative. Moreover, outstanding overdrafts will need to be cleared by the closure date.