How flexible is CASS bank switching?

anonymous_coward

Hi,

I'd like to take advantage of the CASS scheme to switch DDs (and SOs?) to a new account. However, I don't want the old account closed, and I'd prefer not to have payments into the old account automatically diverted to the new one.

Is this feasible? The CASS has been brought in (imposed) for the very reason that banks are intrinsically untrustworthy, so I have grave doubts that I could trust them to handle such instructions properly.

I'm proposing to open Santander 123 account, from an HSBC current.

Any experience or knowledge gratefully received.

TIA.

Archi_Bald

CASS with the guarantee automatically closes your account, there's no way round that. The guarantee wouldn't function if the old account was kept open.

Some bank still offer a non guaranteed partial switch service but I don't think Santander is one of them. It is, however, dead straight forward to open a Santander account and to move your relevant DDs/ SOs/incoming payments etc yourself. You are then fully in charge yourself.

As an aside, the CASS hasn't been "brought in (imposed) for the very reason that banks are intrinsically untrustworthy". It was brought in to encourage more competition amongst the current account providers.

anoncol

Well CASS comes with a guarantee, and we switched to Santander before this even came in and Santander offered their own version of the guarantee.

But you should always have access to funds in other places regardless of switching incase particular banks go down as happened last year a few times.

anonymous_coward

Thank you, both, for your replies. Yes, I'll do it manually.

Cheers.

pmduk

I suggest that introducing flexibility into the system would increase the chance of errors

realaledrinker

Still prone to c0ck ups - we moved from Co-op to Nationwide on 12/12. There was a direct debit due to M&S on 12/12. Instead of letting nature take its course, M&S decided to cancel the direct debit on Co-op and send a new one off 2 working days later to NW. Oh and charged us £12 for a failed DD and sent out two snotty letters to boot. All sorted out now but just shows that you need to keep your wits about you with the switching service!!