How does switching bank accounts work?

the_learner

Hi,

I currently have a Barclays account but I have seen here that First Direct is going to pay a 125£ entry bonus when switching to them.

My company has my Barclays account to credit the salary and they are not able to process any change cause the cut off has passed.

So basically I need the Barclays account to be open in order to avoid delays in the salary payment (in case of problems I would get the salary after 1 months, in the new processing cycle).

So my question is: how does switching work?

If I choose to switch today to First Direct (deadline for the deal is Dec 5th) what happens to my Barclays account?

All the money will be transferred to First Direct and the old (Barclays) account will be closed?

Thank you for your help.

meer53

The credit of £1000 or salary can be paid in at any time within the first 3 months of the account being opened.

Armorica

It takes seven days for the switch to take effect (or on a later date of your agreement - you can pick after pay day).

In the case of a full switch, it doesn't matter anyway - your employer may send to your old bank, but the system will redirect those funds to your new account.

the_learner

My fear is that the salary payment will be unsuccessful on December 24th thus causing delays in the payment.
After all my company currently has in the record an account number that, after switching to First Direct, will not exist anymore.
So the payment will be rejected probably.
Am I wrong?

YorkshireBoy

the_learner wrote: »

So the payment will be rejected probably.
Am I wrong?

See the last paragraph in the post immediately preceding yours.
Then click and read the information in the link already provided earlier in the thread.
Then read the information about switching on the First Direct website.
Then come back and tell us if you're wrong.

If you don't want to do that (but you should), then the answer to your question is yes, you're wrong.

meer53

No payments will be rejected, they'll just go to the old account and then be redirected to your new account.