bank account switching

apple_mac_user

hi,

a few months ago it was made public that switching bank accounts has become a lot easier and the banks do all the work etc. etc.

does this apply to benefits? will my bank see to it that they are paid into the new account or do i need to inform the benefits people

also i know this is off topic but do automatic monthly payments get made to come out of the new account even though i entered my old credit card details when "signing up" for the products/services?

finally does claiming the £100 bonus for opening a new bank affect my benefits i.e. count as "earning" £100?

thanks.

Indie_Kid

You have to inform the benefits people that your bank detaisl have changed.

GingerBob_3

On another issue of bank account switching (which I've not done for over 20 years), do you still have to go down the (new) local branch with your passport and the rest of it?

Mr_Lawnmower

Any institution allowing you to open a current account must be satisfied as to your identity in order not to fall foul of anti-money laundering rules.

This is likely to involve a face to face identity check in most cases, though anyone who currently has another product with their new bank might be exempted.


If proving your identity might be difficult, such as if it's hard to get to a branch, it's best to discuss the situation with the bank you intend to move to.


I, too, have not moved bank for over 20 years. I know loyalty is not rewarded these days, and "ditch and switch" is something of a mantra in many parts of the forum. However, the bank I have works for me and I can't see anyone offering me a significantly better deal in my current circumstances.

GingerBob_3

Mr_Lawnmower wrote: »

Any institution allowing you to open a current account must be satisfied as to your identity in order not to fall foul of anti-money laundering rules.

This is likely to involve a face to face identity check in most cases, though anyone who currently has another product with their new bank might be exempted.


If proving your identity might be difficult, such as if it's hard to get to a branch, it's best to discuss the situation with the bank you intend to move to.


I, too, have not moved bank for over 20 years. I know loyalty is not rewarded these days, and "ditch and switch" is something of a mantra in many parts of the forum. However, the bank I have works for me and I can't see anyone offering me a significantly better deal in my current circumstances.

Not so easy then!

I wonder if your strategy should be not to close a bank account but simply open a new one and transfer everything to it yourself. Then if you fall out with them you can always go back to the old bank. Just keep the old account ticking over with £0.01 deposit every so often, assuming it's not one that incurs charges, in which case you'd obviously close it.