Moving your business account
Moving your business account to Clydesdale - it's easy!
Moving your business account
Download leaflet on moving your business account
Competition Commission Background
Our Performance
As part of our commitment to you, when you decide to transfer your account to Clydesdale Bank, we'll work with you to agree dates for transferring your Business account to us. Once we receive your instructions, we will:
- arrange for standing orders and Direct Debits to be set up on your account within three working days
- contact your previous bank within two working days to arrange for the transfer of any available balance
- if necessary, and provided there are sufficient, cleared funds in your account, we will clear the balance of any overdraft with your previous bank within 2 working days
We do not insist that you take any other products if you decide to open a loan or deposit account with us.
In addition, following a request from you to move your account from Clydesdale Bank:
- we will forward details of standing orders and Direct Debits to your new bank within two working days, and when requested/agreed cancel existing arrangements
- we will forward the balance of your account to the new bank within three working days on the basis there are no out-standing items or obligations to us
- when in credit we will close your account within three working days
-
on receipt of sufficient cleared funds, we will repay your overdraft within three working days and on the following day we will close your account
- we will not levy any charges to close or transfer your account other than any outstanding interest or fees accumulated on the account (please ask for details)
- if you want to switch to another bank and you have previously held a loan with us; to help make the transfer, we will, on request, provide a standard "Credit History Report"* detailing your arrangements and account balances. We will do this within 5 working days after we receive your written instruction.
We are so committed to ensuring the smooth transfer of your account that, if we don't deliver our promise to you, we will recompense you for the inconvenience.
If you experience a delay in the transfer process then please let us know by writing to your account manager with the details in the first instance.
*"Credit History Report" means an accurate statement of a business customer's credit performance over the preceding most recent 12 month period (or over such lesser period as it shall have maintained a business current account with the Bank).
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Moving Your Business Account (118kb)
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Competition Commission - Switching Undertakings Task Results
Following a wide-ranging enquiry by the Competition Commission into small business banking, a report was published 15th March 2002 in an effort to encourage and stimulate competition and "new entrants" into the important small business banking sector.
The scope of the Competition Commission report includes business customers and Clubs, Charities, Religious Organisations and Associations in the United Kingdom with annual revenue up to £25m. Such entities, whether in the form of sole traders, partnerships or limited companies are defined by the Commission as "Small and Medium Enterprises" (SMEs). Reference to business customers includes Clubs, Charities, Religious Organisations and Associations except where stated.
Initially the Bank gave Undertakings to the Office of Fair Trading in October 2002, impacting a range of areas such as product bundling, provision of credit history and publication of rates and charges. Subsequent Undertakings in July 2003 focussed on the process and performance targets for current account switching for both the "new" bank i.e. the Bank to which the customer is moving and the "old bank" i.e. the Bank from which the customer is moving his account.
Publication of Performance Objectives
Part of our commitments under the Undertakings is to publish how successful Clydesdale is in comparison to OFT Targets.
Period 1st January 2008 to 30 June 2008:
|
Commitments Old Bank
|
Target
|
OFT Target %
|
Achieved %
|
|---|---|---|---|
| Forward new bank, and/or Small and Medium Enterprises (SME) as requested, details of SME's existing direct debits ("DDs") and standing orders ("SOs") following receipt of request to do so from SME or new bank (authorised by SME). | By close of business on the second working day following the working day of receipt of the request. |
80
|
100
|
| Action request by new bank (authorised by SME) or by SME to cancel DDs and SOs. | By close of business on the second working day following the working day of receipt of the request or, where a later date for action is specified by, or agreed with, new bank or SME, by such later date. |
80
|
100
|
| Where applicable, action request by new bank (authorised by SME) or by SME to transfer, in the manner requested, the available balance remaining in SME's account with it to new bank or to SME. If requested by SME or by new bank (authorised by SME), close account. | By close of business on the third working day following the working day of receipt of the request. An additional working day is applicable where the SME or new bank (authorised by SME) has requested closure of the account (i.e. a total of four working days to close the account whether it has a credit or zero balance). |
80
|
100
|
| Where applicable, on receipt of sufficient cleared funds from new bank or SME to clear balance of SME's overdraft (including interest and costs), level off SME's account (showing the balance as zero) and, if, in addition, requested by SME or new bank (authorised by SME), close account. | Within 3 working days following the working day of receipt of the funds from SME or new bank. An additional working day is applicable where the SME or new bank (authorised by SME) has requested closure of the account. |
80
|
100
|
Period 1st January 2008 to 30 June 2008:
|
Commitments New Bank
|
Target
|
OFT Target %
|
Achieved %
|
|---|---|---|---|
| Following receipt of details of regular payments (DDs and SOs) from old bank or SME set up, in accordance with any instructions from SME, new SOs and DDs, in relation to the latter by sending a transfer advice to DD originators advising them of details of both the old bank and the new bank. |
By close of business on the third working day following the working day of receipt of details of such regular payments or, where a later date for action is specified by, or agreed with, SME, by such later date. |
80
|
100
|
| 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. | By close of business on the second working day following the working day of receipt of the request to do so by SME or, where a later target date for the transfer has been agreed with SME, in sufficient time to enable the transfer to take place by such later date. |
80
|
100
|
| 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. | By close of business on the second working day following the working day of receipt of the request or, where a later date for the transfer has been agreed with SME, by such later date. |
80
|
100
|
Clydesdale Bank is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. You may be entitled to compensation from the Scheme if we cannot meet our obligations. This depends upon the type of business and the circumstances of the claim. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £35,000 of a depositor's total credit balances with the Bank. Further details of the Scheme are available from us on request or from the Financial Services Compensation Scheme: www.fscs.org.uk or from the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN.