Switching service questions

cookie365

I've just opened a Santander 123 current account and the automated switch service is about to start in a couple of weeks.

I understand any payments to or direct debits from my old account will get automatically diverted to the new account for the next 3 years.

My questions are:

1. If a transaction to the old account gets diverted, will I get a notification or will it be obvious from the statement that it went via the old account - so I can make sure the company has updated their details?
2. What happens if a payment gets made to the old account after more than 3 years? (I'm thinking here of old ISAs that I might not withdraw from for several years)
3. What happens if I've written a cheque against the old current account and it isn't presented until after the switch?

Thank you

colsten

1 - you will not be able to tell whether the payment came direct or via your old account. Best to tell whoever pays you about your new sort code/account number.

2 - 3 years should really be long enough to sort out where any money might come from. Not sure why you would have any old ISAs hanging about now, never mind in 3 years time, as they are unlikely to pay anything but paltry interest, and why you would want to withdraw from them to a current account that you no longer hold?

3 - the cheque will be drawn against your new account

jimjames

For item 3 my experience is that the cheque will get bounced.

colsten

Shouldn't have bounced:

http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/current_account_switch_service/-/page/2683/

cookie365

Thank you everyone, yes of course I'm going to try to update all the accounts, I want to know what happens if I somehow miss one.

I have some stocks and shares ISAs that I'm keeping for the long run.

Does anyone know the answer to my second question?

colsten

I have already answered your 2nd question - and asked why you would want to withdraw to a current account that you no longer hold?

Any money that arrives for a non-existent account [after 3 years] will eventually be returned to sender. The return could take several weeks, and might need the sender to inquire. Nothing particular to the switch service there as this has been the case with non-switched accounts for years.

cookie365

Actually, you didn't answer my second question before, but now you have. Thank you.