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I don't think an equivalent of the Current Account Switch Service exists in the US, which is a shame. But I don't think this is crucial. We had around 5,500 sw
by obeattie 7y ago
I don't think an equivalent of the Current Account Switch Service exists in the US, which is a shame.
But I don't think this is crucial. We had around 5,500 switches via the Current Account Switch Service in May, but added around 200,000 new customers.
- dazbradbury 7y agoOh wow - I thought the current account numbers were driven far more by switching. Presumably it impacts the % where salary is being paid in? But at those numbers maybe it's irrelevant! Great job again, and as I say, can't wait for the fully fleshed out marketplace.
- silasdavis 7y agoIt's unfortunate that the fully automated service requires you to close your the source account completely when switching. I was about to push the button on getting my salary paid into my monzo account but a diversity of current accounts has its uses. I think the justification for only providing switch and close was that it was the only way to reliably avoid double payments IIRC. Personally I would have taken that risk and resolved them manually if necessary.