Money Paid To Closed Bank Account But Used Switch Guarantee

ChopperST

Hi,

We switched my wife's bank account from Santander to M&S.
Today we received some dividends from some shares we own but they have been paid into the old bank account. Now I know as a result of the switch guarantee the funds will be redirected to the new account but I wonder if anyone has any experience of how long it takes for the funds to be redirected?

Thanks.

trailingspouse

Watching with interest as exactly the same has just happened to me - switched from Lloyds to Santander 2-3 months ago, just received my Royal Mail shares dividend letter - telling me the money had gone into the old account.

Waiting with baited breath...

YorkshireBoy

My first thought was it should be by the end of the next business day, ie the timescale set by the Payment Services Regulations.

But I wonder if a call to the banks involved would give you your answers?

Or maybe drop the people at simplerworld a message...

http://www.simplerworld.co.uk/Pages/Contact.aspx

At least that way we'd have the official answer (if you posted back with the outcome)?

ChopperST

Thats exactly what these are trailingspouse. I sold my shares but my wife retained hers and her dividend letter landed yesterday. She is away on business till tonight so she will give M&S and Santander a call over the weekend to see what they say.

Have emailled simplerworld today and just ask the generic query as to what SHOULD happen.

ChopperST

Quick reply from Simpler World

"Thank you for your enquiry.

Under the terms of the Current Account Switch Service Guarantee (provided there is no outstanding debt on your old account) payments received after the switch date (in sterling from within the UK) by your old bank will be redirected and credited to your new account on the same working day that they were received by your old bank."

Will chase up Santander and M&S at the weekend in that case. Can anyone who recieved dividends yesterday confirm that they were actually paid yesterday?

Thanks.

anotheruser

Your thread title is obvious click-bait.

You've made it sound like the money has already been paid and is lost somewhere rather than "How long does re-directed payment take?" which would be more appropriate.

ChopperST

anotheruser wrote: »

Your thread title is obvious click-bait.

You've made it sound like the money has already been paid and is lost somewhere rather than "How long does re-directed payment take?" which would be more appropriate.

Have you seriously nothing better to do? Get a life !!!!!!!

The bank account IS closed and IS lost somewhere how on earth is that click baiting?

callum9999

anotheruser wrote: »

Your thread title is obvious click-bait.

You've made it sound like the money has already been paid and is lost somewhere rather than "How long does re-directed payment take?" which would be more appropriate.

The thread title describes exactly what happened...

matty747

I sent a payment to the old account number and it was redirected to the new one (m&s) before I even had chance to log in. I never updated any of my share dividends and they all go in as normal and on time (same day)

zerog

Since it is Santander, they have probably held it up for suspected money laundering.

alanwsg

I moved to Santander 123 a short while ago and payments sent to the old account appear in the 123 account straight away.

The bigger problem is knowing which payments came via that route so you can alert people who are still making payments to the old account. There's no indication that the re-direction has happened in the 123 statement.