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  • FIRST POST
    • tobiascurious
    • By tobiascurious 22nd Sep 16, 11:41 PM
    • 552Posts
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    tobiascurious
    Is my new bank going to write to everyone who pays me money?
    • #1
    • 22nd Sep 16, 11:41 PM
    Is my new bank going to write to everyone who pays me money? 22nd Sep 16 at 11:41 PM
    From the account switching rules, does anyone know the mechanism for the sentence in bold below?

    1.13. For 3 years after the Switch Date if your Old Bank receives payments or requests for payments which relate to your Old Account, subject to compliance with applicable laws, it will redirect these to your New Account. However, if there is an outstanding debt on your Old Account, your Old Bank is entitled to use any funds or payments it receives (including by cheque) in full or part settlement of the debt on your Old Account.
    The originators of any redirected payments or payment requests will be advised of your New Account details.
    by the banks
Page 1
    • mum2one
    • By mum2one 22nd Sep 16, 11:53 PM
    • 15,964 Posts
    • 59,439 Thanks
    mum2one
    • #2
    • 22nd Sep 16, 11:53 PM
    • #2
    • 22nd Sep 16, 11:53 PM
    When u do the the account switch service the old bank tells the new bank who pays u and who u pay out - the new bank takes care of the notifying everyone,

    I've done a swop from Barclays to Natwest -no probs at all, a month after the switch i had a payment sent to Barclays account - they forwarded it to NAtwest - think they have a 12 mth buffer where they send anything across xx
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    • Westie983
    • By Westie983 23rd Sep 16, 12:02 AM
    • 3,000 Posts
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    Westie983
    • #3
    • 23rd Sep 16, 12:02 AM
    • #3
    • 23rd Sep 16, 12:02 AM
    When u do the the account switch service the old bank tells the new bank who pays u and who u pay out - the new bank takes care of the notifying everyone,

    I've done a swop from Barclays to Natwest -no probs at all, a month after the switch i had a payment sent to Barclays account - they forwarded it to NAtwest - think they have a 12 mth buffer where they send anything across xx
    Originally posted by mum2one
    Most banks switching guaranteed is 36 months redirection, which is three years.

    See clause 1.13 in Natwest Switching T&C's

    http://personal.natwest.com/content/dam/natwest_com/nw-assets/pdfs/NWswitchingterms.pdf
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • Hazzanet
    • By Hazzanet 23rd Sep 16, 6:49 AM
    • 1,601 Posts
    • 894 Thanks
    Hazzanet
    • #4
    • 23rd Sep 16, 6:49 AM
    • #4
    • 23rd Sep 16, 6:49 AM
    From the account switching rules, does anyone know the mechanism for the sentence in bold below?
    Originally posted by tobiascurious
    When a payment is redirected, the old bank will send the payment on to the new bank and advise the bank that sent the money electronically that they have redirected the credit along with details of the new account.

    The sending bank can choose to update the account details automatically or advise their customer that the customer needs to update the account details.

    In BACS it's called an AWACS advice:

    https://www.bacs.co.uk/Services/bacsschemes/bacsdirectcredit/services/Pages/AWACS.aspx

    Not sure what the Faster Payment equivalent is.
    4358
    • tobiascurious
    • By tobiascurious 24th Sep 16, 12:45 AM
    • 552 Posts
    • 135 Thanks
    tobiascurious
    • #5
    • 24th Sep 16, 12:45 AM
    • #5
    • 24th Sep 16, 12:45 AM
    The sending bank can choose to update the account details automatically or advise their customer that the customer needs to update the account details.
    Originally posted by Hazzanet
    And in practice presumably they just update the account details automatically.

    So if I usually pay £100 a month to Mrs Smith at a 20-00-00 sort code and suddenly it changed to a 40-00-00 sort code with a different account number - I would panic that my account had been hacked.
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