Santander Transfer DD Question

gezza2k

Hi, I currently use Halifax as my main current account but im going to transfer to Santander 123 as I will save around £120 a year via cashback & £45 TCB.

I have never transferred from one bank to another and I just wanted to ask how straight forward it is.
Normally when you setup a DD you have to wait a month, I don't want no late payment marks lol.

Thx for your help

Milarky

You can set up online direct debits yourself more quickly than a month (two or three days only for some companies). But others such as utilities can take much longer to unwind.

The important thing to note with 123 is the 2+ DD details need to be 'showing' before a first statement from them is generated - or no interest at all will be earned in that period. So I would check immediately with Santander when they open your account the date that first statement is expected due.

Gizmo247

Thing have speeded-up a little these days but when I do an account transfer I ensure I know the new account details as soon as possible (e.g. ring up for them). I then transfer the DDs that matter to my credit files like mortgage, credit card, phone etc and let the others transfer normally.

Don't expect some DDs to transfer such as Council Tax in my case and it is prudent to keep enough cash in both places to cover the change over period until it is done.

brewerdave

I'm just completing a transfer of DDs from NatWest to Santander for a new 123 account. Some 12* DDs have transferred smoothly but 2 still haven't moved (after 14 working days) and another one has failed -its been reinstated back with NatWest -to be fair to Santander I think this is more down to the merchant's rubbish backroom systems!!

Archi_Bald

Gizmo247 wrote: »

Thing have speeded-up a little these days but when I do an account transfer I ensure I know the new account details as soon as possible (e.g. ring up for them). I then transfer the DDs that matter to my credit files like mortgage, credit card, phone etc and let the others transfer normally.

Can you please clarify - what do you mean by "...let the others transfer normally..."?

Gizmo247 wrote: »

Don't expect some DDs to transfer such as Council Tax in my case

Are you talking about using a bank's switcher service? In which case, I agree, some councils as well as some merchants, simply refuse to act on the instructions of a bank to change a DD.

They normally want a signed DD form from you, which you usually can download from their website. They will then change your DD within days of receiving the form.

Should be interesting to see what people report about this when they use the "new" switcher service that has been lauded by the Chancellor and by Martin Lewis.

Gizmo247 wrote: »

it is prudent to keep enough cash in both places to cover the change over period until it is done.

I agree it would be prudent to have enough cash to cover DDs in both accounts until the DDs have been changed. It is generally very easy to see when a DD has been changed - - it appears in your new bank account and has vanished from your old one.

The best time to change a DD is immediately after a payment has been taken, at least for the monthly ones. If you have any quarterly, bi-annual and annual ones, make your request a clear month before the next due date.

Most merchants allow you to do the change on the web or over the phone. Only some jobsworths like Councils insist on getting a piece of paper with your signature.

gezza2k

thanks for the replys, will take Gimzos advice

brewerdave

Archi_Bald wrote: »

Are you talking about using a bank's switcher service? In which case, I agree, some councils as well as some merchants, simply refuse to act on the instructions of a bank to change a DD.
Should be interesting to see what people report about this when they use the "new" switcher service that has been lauded by the Chancellor and by Martin Lewis.
Most merchants allow you to do the change on the web or over the phone. Only some jobsworths like Councils insist on getting a piece of paper with your signature.

..I've used the Santander switcher service -all the merchants have accepted the new details (even the Council!!) HOWEVER, the issues that have arisen are clearly down to the merchant's systems - the one that failed , the details had been updated successfully on the merchant's website but they still tried to get the money from the "old" bank -it failed so they wiped ALL new payment details from the site and reinstated the old DD!!!
Two DDs are still not showing on the Santander site after 15 working days even tho' I have spoken to the merchants and they both are fully aware of the new details and have them on their systems.
There is absolutely no way that a "guaranteed" 7 working day changeover is going to happen in the immediate future -the banks may be "ready" -but merchants certainly won't be!
Further if you have multiple DDs spread over the month there is no way that some are not going to fail, meaning a payment by debit card to prevent the loss of a service or worse,a black mark on your credit report!!:eek:

gezza2k

Most of my bills go out on the 1st of every month so will wait till then. Like gizmo said I will manually do the important ones myself after getting my account no.

Archi_Bald

I do think it could lead to a heck of a lot of confusion if you do some of the transfers yourself after you have "commissioned" a bank's switcher service.

However, there's the promise that, come September [2013], the banks' switcher services will magically work like clockwork. Apparently they will try for up to a year to move your DDs, and money can't be taken from your old account since they will be closing it. Hopefully they won't close it completely before all your incoming payments (such as tax refunds) have been redirected......

gezza2k

I don't want them to close my Halifax account as I still want the £5. Do they always close them?

brewerdave

At the moment,the old account isn't closed...I've left my old one open to receive my wife's salary,divi payments etc - the intention was to transfer my pension,all of our DDs and a lump sum to get the 3% gross interest out of Santander...but as I understand it, the future switching service will move everything...in view of my current issues,I won't be using the "new" switching service anytime soon!!