Moving banks - anything to watch out for?

philhoward

I've set in place a move from my old (NW) to new (FD); had the phone call confirming its going to go ahead and have a date for transfer using their fast switching service of 20 working days from now. Sounds quite straight forward (and luckily will be in the middle of the month when DD/SO activity is quiet) but anything I need to keep an eye on just in case?

Have never done it before, so it's all new terriory. Changing energy suppliers is easy, but there's a bit more involved here!

InsideInsurance

Its just a case of ensuring that things do move.

the other consideration is Continuous Payment Authority on your debit card which FD cannot update for you and you will need to inform the merchant of your new payment details (eg PayPal, Amazon, insurance companies etc)

HeadAboveWater

I'm in same place myself. Only thing really I need to watch is that my direct debits do come out of the correct bank account! Or more specifically that they come out at all!! lol

LutonGirl

I moved from A+L to FD a few years ago and it was mostly smooth, however, some direct debits couldn't be automatically transferred and I did have a few hiccups. Watch your DD and SO list carefully.

I was also going to mention the payments that come from your debit card but InsideInsurance beat me to it - and it put it so much better than I could!

jalexa

philhoward wrote: »

will be in the middle of the month when DD/SO activity is quiet) but anything I need to keep an eye on just in case?

In my experience credit card minimum payment direct debits are problematical and not at all seamless as implied. What happens is this, the card company gets BACS notification triggered by the gaining bank, then writes to you informing you to make another arrangement (for the cancelled payment) because there is insufficient time to notify the new payment arrangement. Also in my experience gaining banks switching services do not manage that issue. You may be luckier with FD, you may be lucky with your timing. I am responding to "issues to keep an eye on".

pmduk

I've always preferred to transfer the DDs myself. Doesn't take long and you're not dependant on other's efficiency

philhoward

I'll be checking there's a payment gone out from an account to cover the CC's - all bar 1 are set as minimum payment, and I overpay after that based on that months earnings (and pay date as its last Friday of the month). Should be able to make a double payment anyway, so shouldn't be an issue but thanks for the heads up..

Amazon is on a CC but will fix Paypal when I next use it..

mrchiggles

I had 2 DDs fail on a transfer, resulted in a late payment on virgin media (which they refunded straight away) so it does pay to check and not trust them fully!

dr_adidas01

As pmduck says i've always done it myself to make sure its done correctly.

Make sure you have enough in your old account and new account to pay all your old direct debits, just in case the transfer to your new account doesn't happen in time for your payments to go out.