standing orders after switch

wallofbeans

Hello All,

I know that when I switch bank accounts all my direct debits and standing orders change with it.. but what about standing orders going the other way? I have a couple that are sent from my main account and then sent back but when my main account changes will I have to adjust those manually? I assume so but wanted to check!

grumbler

Your assumption is correct.
After switching the 'main' account the switched SOs will be fine, but the 'back' SOs will keep sending money to the old account. For some time all incoming payments to the old account will be forwarded to the new account, but not forever.

wallofbeans

grumbler wrote: »

Your assumption is correct.
After switching the 'main' account the switched SOs will be fine, but the 'back' SOs will keep sending money to the old account. For some time all incoming payments to the old account will be forwarded to the new account, but not forever.

Thanks. Is the forwarding true of all account switching? As that might be handy for the first week or two while I remember everything that needs switching. There will also be a lot of faffing with PayPal and Amazon etc etc.

Why can't you take your account number with you when you move? It would be so much easier if it worked that way, like mobile phones do...

grumbler

IIRC it's for 13 months.
MSE article: 7-day bank switching era begins: Full Q&A on what it means for you

Re 'portability', it was discused in this thread: MSE News: Current account switching 'working well', but improvement still needed

Eco_Miser

wallofbeans wrote: »

Why can't you take your account number with you when you move? It would be so much easier if it worked that way, like mobile phones do...

Easier for you, harder for everyone else. Sort codes would no longer correspond to branches, or even banks. There would need to be ginormous look-up tables to redirect payments/DDs to the correct bank. To a certain extent that happens with switched accounts, but only for 36 months, and only for the accounts that actually switched.
Any switches by CASS have payments forwarded, and if the payment is by BACS, the originator is notified so they can alter future payments. I'm not sure about SOs that action as faster payments.

troffasky

Eco_Miser wrote: »

Easier for you, harder for everyone else. Sort codes would no longer correspond to branches, or even banks. There would need to be ginormous look-up tables to redirect payments/DDs to the correct bank.

You've pretty much described how number portability works on telephone networks, and I don't think people are clamouring for an end to that, are they?

Chaykin

grumbler wrote: »

IIRC it's for 13 months.

It was 13 months now it's 36 - http://www.simplerworld.co.uk/Pages/About.aspx

jimjames

wallofbeans wrote: »

Hello All,

I know that when I switch bank accounts all my direct debits and standing orders change with it.. but what about standing orders going the other way? I have a couple that are sent from my main account and then sent back but when my main account changes will I have to adjust those manually? I assume so but wanted to check!

In my experience if a payment is sent to an old switched account then the new bank sends the corrected details over to the sender and future payments then go to the new account.

Not sure it happens every time but I've certainly found it with my switches

badger09

For my own peace of mind, I have cancelled my standing orders to any switched accounts after a couple of months and reset them to the new account.

I like to keep things tidy and minimise the possibility of 'user error' in the future:o