I opened a 7% RS in December. Rate cut to 4% in May. Thanks to AAM I am now aware of a new 7.25% RS. Foned EBS to switch my DD. I am told I have to close the old account,open a new account, stop the old DD, start a new DD. They are sending the forms in the post.
The CPC requires institutions to "treat their customers fairly" and always "act in the best interests of customers".
I have no problem with EBS shutting down the old and opening the new. But is it fair that they don't write to me and tell me about the new and is it fair that they make it such a p.i.t.b. to switch?