When Gemma Fisher* received the news that her Intelligent Finance current account was closing, she initially believed that switching to a new provider would be a simple process, taking only a week. However, despite being given two months’ notice before the closure, this assumption turned out to be a mistake.
Reflecting on her experience, Fisher acknowledges, “I underestimated the complexity of switching banks. It’s not just a matter of seven days, especially when you don’t have an exact matching account to switch to.”
Fisher’s efforts to transfer her account to another bank resulted in frustrating hours of administrative tasks, culminating in the last-minute completion of the switch just before the deadline.
Intelligent Finance, an early pioneer of internet banking since its launch in 2000, announced a few months ago that it would be closing its current accounts by the end of the year. However, savings and mortgage accounts remain unaffected.
Affected account holders were notified of the closures with a two-month notice period, with the first closures taking place in early August.
Fisher, upon returning from a vacation in June, found a letter informing her that her joint account with her husband would be closed.
Initially, Fisher found some relief when an automated message on Intelligent Finance’s helpline suggested that the account could be switched within seven days using the Current Account Switch Service, which allows for the transfer of direct debits, standing orders, and incoming payments to a new bank.
However, Fisher soon discovered that she needed to set up an individual account first before adding her husband to make it a joint account. Unfortunately, technical difficulties with a digital document system prolonged this process, and it wasn’t until mid-July that she managed to set up the corresponding joint account.
Once Fisher provided additional details to her new bank, the actual switch process could only begin a week before the planned account closure. Fisher notes, “I realized that the process is not easy at all. It involves various identity checks and credit checks, even with banks you are already associated with. Setting up a joint account is not straightforward, and that’s where we encountered difficulties. Taking my foot off the pedal in response to that message was my mistake, as it cost me valuable time.”
Despite Fisher’s appeal for an extension, Intelligent Finance declined the request. Fortunately, the switch was eventually completed just in time before the account’s closure, but Fisher describes the experience as a “white-knuckle ride.”
A spokesperson for Intelligent Finance stated, “Our Intelligent Finance current account hasn’t been available since 2009, and we are informing existing customers that it will no longer be offered. The current account market has seen significant innovation over the past decade, providing customers with more options than ever before. We have contacted customers to inform them about their options and next steps.”
Lloyds Banking Group, the parent company of Intelligent Finance, has not disclosed the number of individuals affected by the closures, citing commercial sensitivity.
If Intelligent Finance customers do not take any action before their account is closed, their remaining balance will be sent to their home or transferred to a savings account via cheque.
*Name has been changed for privacy.
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