Make the move to Lloyds TSB
When you decide to move your account to us, we'll make the move as easy as possible.
Our account switching performance
The table below sets out our account switching performance figures between July and December 2007. This is based on customers with an annual turnover of up to £25 million transferring to or from Lloyds TSB, handled by our dedicated switcher unit, and includes both business and corporate bank accounts.
Our overall performance figures are published in this way every six months.
| Moving to Lloyds TSB | Target time scales* | OFT Targets | Lloyds TSB achievement |
| We will set up your standing orders and Direct Debits and ask your old bank to cancel payments from your old account | Within 3 working days of receiving payment details from you or your old bank | 80% | 99.30% |
| We will request the outstanding balance from your old bank | Within 2 working days of accepting your application | 80% | 99.96% |
| We will transfer to your current bank sufficient funds to clear any overdraft (including interest and costs) | Within 2 working days following request subject to us as the new bank being in a position to do so | 80% | 100.0% |
| Moving from Lloyds TSB | Target time scales* | OFT target | Lloyds TSB achievement |
| We send your new bank a list of your existing standing orders and Direct Debits | Within 2 working days of receiving the request from your new bank | 80% | 99.98% |
| We cancel all your standing orders and Direct Debits | Within 2 working days of receiving the request from your new bank | 80% | 99.98% |
| If you are transferring an account with a credit balance, we will send to your new bank the outstanding balance from your account and close your account, if closure requested | Transfer credit balance within 3 working days of receiving the request from your new bank to transfer funds | 80% | 99.95% |
| If you are transferring an account with a credit balance, we will send to your new bank the outstanding balance from your account and close your account, if closure requested | If requested we will close your account within 4 working days of receiving the request from your new bank to transfer funds | 80% | 99.97% |
| If you are transferring an account with a debit balance, on receipt of funds from your new bank we will clear the overdraft balance and close your account, if closure requested | Repay overdraft within 3 working days of receiving the funds from your new bank | 80% | 100.0% |
| If you are transferring an account with a debit balance, on receipt of funds from your new bank we will clear the overdraft balance and close your account, if closure requested | If requested we will close your account within 4 working days of receiving funds from your new bank that clear your overdraft | 80% | 99.88% |
* The timescales detailed in the tables above are minimum targets we like to work within. We should also point out that 'working days' do not include Saturday, Sunday or bank holidays and, in this case, the number of working days excludes the working day we receive your request. If you prefer to work to a longer time scale on any of the steps we are happy to oblige to meet your business needs.
We appreciate that sometimes customers find the need to switch their account to a different bank. We hope that customers would not find the need to move their account from Lloyds TSB, however if this need should arise we make the process as easy as possible; as our performance above demonstrates.
When you move your account to, or from, us we'll take care of everything involved in switching - leaving you free to concentrate on running your business.
Find out more about how we can make your move as easy as possible.
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