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MSE News: Redirection period for payments to old bank accounts to be extended
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Legacy_user
Posts: 0 Newbie
Stray payments sent to your old bank account could be redirected to your new account decades after you've switched...
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'Redirection period for payments to old bank accounts to be extended '
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'Redirection period for payments to old bank accounts to be extended '
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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It's probably not a big deal for the banks to extend this, as the code is in place for 36 months of redirections anyway it should be simple to remove the date check, and it's unlikely to cost much to process the small number of payments that are made after that time.0
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This is old news.0
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What would be more useful is if the recipient was actively told that a payment had been redirected, so they could contact the payer and give them the new details.0
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cheesetoast wrote: »What would be more useful is if the recipient was actively told that a payment had been redirected, so they could contact the payer and give them the new details.
They are - you have to make special arrangements, if you don't wish them informed.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
They need to let you keep your current bank account while still using the seven day switching process. Personally, this has stopped me from switching.0
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The whole point of 'switching'- and the reason the banks pay an incentive for it - is to switch 'all' your banking to the new account. Letting you keep the old account undermines that concept entirely.They need to let you keep your current bank account while still using the seven day switching process. Personally, this has stopped me from switching.
If you don't want to switch your old account don't.
But do open another account with the same bank and switch that one instead.
That way you fulfill the switch requirements ('all' of the banking from the account will have been switched) but you still have your original account, unaltered.0 -
This is old news.
Depends how you look at it, the recommendations to extend the redirection period were made in August 2016, so that's old, but the acceptance of the proposals by BACS only happened yesterday so that is new news.
https://www.bacs.co.uk/NewsCentre/PressReleases/Pages/BacsCommitsToCMAUndertakings.aspx0 -
Actually you don't have to close your 'old' current account to switch. You can switch and specify your old account remains open. All DDs, SOs and balance etc will be switched over but the old account will remain open.
Only proviso is that if you are switching for a incentive (eg £150 cash) then the T and Cs for that incentive may well specify that the old account has to be closed.0 -
I wish there was a savings account switch process - it would save a lot of hassle.0
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You won't get any protection though for doing a 'partial switch'. So if any DD payments are missed you're on your own!Actually you don't have to close your 'old' current account to switch. You can switch and specify your old account remains open. All DDs, SOs and balance etc will be switched over but the old account will remain open.
Only proviso is that if you are switching for a incentive (eg £150 cash) then the T and Cs for that incentive may well specify that the old account has to be closed.
I'm not sure all banks offer a 'partial switch' service though do they?0
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