Direct Debits

Iluvorkney

I want to open a new current account without closing the one I currently have. I want to transfer most of my direct debits to the new account. Obviously because I am not closing the exisiting one the new bank won't organise the direct debits. How do I transfer the direct debits myself.

grumbler

Iluvorkney wrote: »

How do I transfer the direct debits myself.

You call the company and ask them to change the DD details.
Beware it takes time and sometimes it can be difficult to predict what current account the next DD will be taken from.

dzug1

You contact each of the payees - by phone, post or maybe online - and ask them to make the change.

It's possible that the new bank might be prepared to be selective about transferring DDs - worth asking them first

grumbler

dzug1 wrote: »

You contact each of the payees - by phone, post or maybe online - and ask them to make the change.

It's possible that the new bank might be prepared to be selective about transferring DDs - worth asking them first

I don't see any point in contacting the bank. It will not help and can only make things worse.

I don't understand what you mean by 'selective'. EDIT: on the second reading I see what you mean. If you ask the new bank to transfer the selected DDs, there is no point in contacting companies except for making sure that you don't miss a payment during the transfer.

plunt

looking at the nationwide & HSBC switching process it looks like you will get the choice of closing down your old account

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Examples:

"If you want to transfer your balance from your old account or close it down completely, you'll need to contact your old bank or building society directly."

http://www.nationwide.co.uk/current_account/switch_to_us/switch-bank-account.htm

"Step 4: After we confirm the transfer of your Direct Debits and standing orders, you can notify your old bank to transfer the balance and close the account, if you wish to."

http://www.hsbc.co.uk/1/2/switching-to-hsbc

Barclays: "6. If you've asked us to close your old bank account and transfer the balance to the new one, we'll arrange for this to be done." - Implies its up to you what you want to do

http://www.barclays.co.uk/SwitchingtoBarclays/SwitchingtoBarclays/P1242634525294

First Direct:
"Do I need to close my old bank account?
You don't have to, but you can download a Previous Bank Account Closure form PDF download (opens in new window) to do so if you want to. Having your banking under one roof makes things more manageable so we would love you to use first direct for all your banking."
http://www1.firstdirect.com/1/2/banking/switching-bank-accounts

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If i understand this correctly you could use the switching service to move all your direct debits, whil you sit back relax, and at the end just leave the old account open

barak

Iluvorkney wrote: »

..... I want to transfer most of my direct debits to the new account.....How do I transfer the direct debits myself.

As has been said, contact each payee - not either bank. My power company, water company and ISP let me do it online - my council has a form to print and send to them. You will find instructions on each website.

If they are monthly DDs, I would suggest making each change immediately after a monthly payment which will give plenty of time for the new DD to be in place for the next payment.

Buzby

You retain the power to cancel each DD you do not want active on the old account.

Give the new A/c details to the firms that require it, then remove the duplicate mandates after the new mandates show on the new account - not before!

plunt

as you mentioned you want to transfer most of them... therefore use the account transfer service and transfer back the couple you want to your old account. less calls and hassle

JohalaReewi

plunt wrote: »

If i understand this correctly you could use the switching service to move all your direct debits, whil you sit back relax, and at the end just leave the old account open

As far as I know, none of the switching services offered by banks will close your old bank account if it is with another bank because they can't. The only person (or people) who can close an account is (are) the account holder(s).

I do not advise you sit back and relax. You need to keep an eye on what is going on.

innovate

JohalaReewi wrote: »

As far as I know, none of the switching services offered by banks will close your old bank account if it is with another bank because they can't. The only person (or people) who can close an account is (are) the account holder(s).

Agree. Though the new "faster" switching that is supposed to hit us in September will close old accounts - - at least that's what the proposals said when I last saw them.

Osarkon

JohalaReewi wrote: »

As far as I know, none of the switching services offered by banks will close your old bank account if it is with another bank because they can't. The only person (or people) who can close an account is (are) the account holder(s).

I do not advise you sit back and relax. You need to keep an eye on what is going on.

When I switched from Barclays to Lloyds they offered (lloyds) to write to Barclays on my behalf as part of the process and have the account closed. All I had to do was sign one form.

Really simple.

But I suppose in a way it's the same as me doing it as its my signature.