change of bank account

his_wife

I have had to change my bank account, due, to the fact of nat west changing the atm machine useage. All my direct debits are due out tomorrow, i called natwest today, to see if i had to change my details for direct debits to new account today or tomorrow, but he said today was fine, as they would all come out of my new account tomorrow.

My question is, how do the companys of my direct debits know, that my direct debits are coming out of a different account tomorrow

Gromitt

They know because you tell them, or you use the switching service of your new bank who tells them. Otherwise, they don't.

Give them at least 10 days notice, otherwise DDs may be refused or bounced and you could incur charges and late marks/missing payment reports on your credit report.

his_wife

my direct debits come out tomorrow, i have called the bank just then, who have said, when the companys try to take my direct debits out of account a, it will be directed to account b which will then release the money. However, to be, on the safe side, i have put my bill money into account a, just in case it isnt re directed

his_wife

oh and its, still the same bank, just a different account number

System

If you have simply changed the type of account, staying with the same bank, then I'm not sure why the account number needed to change.

However, your bank will have informed each company (via an electronic communication method) of the new details for the Direct Debit(s).

It sounds like during the change over, your bank will make sure that the D/D(s) are paid, irrespective of which of the account numbers the D/D request refers to.

Keep an eye on both accounts to make sure all regular D/Ds are paid. Also watch for any other payments (Direct Debit or Standing Order) that are not paid every month, to make sure they also get paid as appropriate. Once all these regular payments have been made from the new account, then the old account can be closed.

I assume you will not have any continuous payments authorised, that were linked to a debit card on the old account. (e.g. Subscriptions) if you had any of these, you would need to contact those individual companies to change the account / card details ready for any future payments.

pmduk

then the odds are the bank will have done it all for you. I did the same when I moved RBS accounts to avoid Santander.

Beathan

DO NOT, I REPEAT, DO NOT Close your current bank account until the first Direct Deposit hits into your account.
I did this one time before and I lost 2 weeks of pay while I was active duty and a PFC.
They will try to deposit the money into the old account because they have not found out that your old account was closed.
The money will be bounced back to whoever dispersed the money in the first place into your account.
When you realize that you have not been paid the headaches begin. The old bank will say that the money was sent back since the account was closed and the sender of the money will say that they have no records of a refersal of funds. WAIT TILL YOUR FIRST DD HITS YOUR account before closing the old account.

pmduk

Beathan, firstly welcome to the site. All are welcome here, however most insurance/bank questions are geared to the UK market. Your comments in a couple of posts imply that you are either an American or US based where the banking/insurance sectors are somewhat different to the UK. Please bear this in mind before relying on anything you read here.