Changing linked account on Birmingham Midshires Internet Saver

NoodleDoodleMan

Yes...

http://www.birminghammidshires.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details

Sort code 20-97-78 came up as Barclays Bank. Then it automatically went to Birmingham Midshires for bill payments.

Not come across this before - why would a division of the Bank of Scotland show as Barclays ?

badger09

NoodleDoodleMan wrote: »

Sort code 20-97-78 came up as Barclays Bank. Then it automatically went to Birmingham Midshires for bill payments.

Not come across this before - why would a division of the Bank of Scotland show as Barclays ?

Presumably Barclays used to be its clearing bank. A legacy from before it was taken over by HBOS in 2001 and they haven't bothered to change it:cool:

NoodleDoodleMan

Presumably Barclays used to be its clearing bank. A legacy from before it was taken over by HBOS in 2001 and they haven't bothered to change it:cool:

You're as cynical as I am !!!

Ifts

NoodleDoodleMan wrote: »

I didn't realise you could credit funds direct to a BM Internet Saver by Faster Payment - thought it had to be Direct Debit from the linked account.

Yes you can do this - like skitskut mentions it's quicker.

If FPs are accepted, presumably it can be from any external account, and not only the linked one ?

Yes FP's can be from any external account that offers that service.

soulsaver

Ifts wrote: »

I can't remember for sure if it was BM that I had this with, but with one of my online accounts (that also used a clearing bank) I paid in a FP from an external account other than the linked account and it got rejected.

There maybe others, but Ford accept transfers in only from the linked account.. I've had one bounced too.

I've only transferred in from a linked ac on BM... but I'd only changed it to that link literally minutes before I made the transfer... not tried non linked... yet.

System

soulsaver wrote: »

There maybe others, but Ford accept transfers in only from the linked account.. I've had one bounced too.

As does Renault bank.

I don't think that BM are as strict (with incoming FPs) but they'll only pull the money from a single account.

skitskut

I've transferred money in to BM from a non-linked account no problem.

Ifts

skitskut wrote: »

I've transferred money in to BM from a non-linked account no problem.

Yes you are correct skitskut (sorry it must have been a different online account that I hold that restricts FP's in from the linked account only).

I've just seen a post I put up in JULY 2015 (BM online Savings rates were a tad better then)!

You can pay in via faster payments (either from your 'Linked Account' or any other account that you hold that supports FP) but not by sending it straight to your BM Savings account number & sort code.

I find the money goes in to your BM Savings account quicker via Faster Payments than using the direct debit to pay money into it from your linked account.
I only use the linked account when I am wanting to make a withdrawal from my BM Savings account.

The money goes first to BM Savings holding account (Barclays Bank) then they will forward it to your BM Online Extra account - hence its important that you enter your BM Savings account number as the reference number otherwise they wont know who's account to credit the money to.

The letter I received from BM Savings with the details that you need to pay in to the Online Extra savings account, the letter reads -

If sending funds via faster payment or BACS our bank details are as follows. If using this method please ensure you enter your BM Savings account number as the reference:

Account Name: BM Savings
Sort Code: 20-97-78
Account Number: 00968773
Reference: Your BM Savings account number

I found this on their site:

Quote:
I want to make a deposit. What are your bank details?

For payments through the Faster Payments Service:
Sort Code 20 97 78
Account Number 00968773

For telegraphic transfers:
Sort Code 20 97 78
Account Number 10968870

You must quote your personal account number as your reference.

http://www.bmsavings.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details

https://forums.moneysavingexpert.com/discussion/comment/68711546#Comment_68711546

Ifts

I had a old online BM savings account on which the bonus had dropped off , I just phoned them (01902428311 - 8am>8pm) and got it re-designated to the latest issue.

It's easier than going through the whole online application process again - and you get to keep your existing BM savings account number.

Al_Ross

clivep wrote: »

For a new Internet Saver I have to send in a cheque from my nominated linked current account. Once fully operational, can I then change the linked account to a current a/c that does not have a cheque book?

I read the posts in another thread about this but they were mostly opinions on the t's & c's rather the what actually has been found to be the case. One helpful post said that they had changed their linked a/c with no cheque being asked for but did not say whether this was done online or by phone - also a cheque could have been asked for by letter at a later date..

I've just received the letter confirming my a/c number and that no further id documents are required. The cheque requested is stated as being to validate the Linked Account (so apparently NOT for ID purposes?).

In the t's & c's there is no mention of the linked a/c needing to have a cheque book...

"• linked account is an account that you nominate to make and receive transfers by electronic payment to and from your Birmingham Midshires internet or telephone account. It must be an account in your name(s) held with a bank or building society which is part of the United Kingdom clearing system.

3.11 You can change your linked account by giving us instructions over the telephone, online or by post. It will take ten bank working days from us receiving your instructions to complete the change so that you can transfer funds to and from your linked account.

3.12 Where your linked account is a current account and we are notified by a UK banking industry payment scheme such as the Current Account Switch Service that you have switched your current account to another bank we will update your instruction with the new sort code and account number to make sure that your payment reaches the correct account within the agreed timescales.

6.10 We can also refuse to carry out a transaction if you tell us that you want to change the account that is your linked account until we have had time to verify the details of your new linked account (see condition 3.10)".

... although I suppose the "verify" in 6.10 could mean that a cheque could be requested???

Interestingly the on-line FAQ's only seem to mention being able to change the linked a/c by telephone...

"How can I change my Linked Account?
To change your Linked Account, call us on 0345 602 2828 (lines are open 8am-8pm, Monday to Saturday). Your Linked Account must be able to receive payments through the Faster Payments Service.
If you change your Linked Account, it will take 10 bank working days to set up your new Linked Account. During this time, you'll be unable to make any deposits into your account. You'll also be unable to make any withdrawals for 5 bank working days".

... so also no mention about the new Linked Account needing a cheque book.


Please can someone who has changed their Linked Account and subsequently taken a direct debit successfully give a definitive answer on this.

Hi,

Did anyone give a clear answer here, because I have the same question. That is, once your account is up and running, can you change your D.D payment to a different account, one that doesn't have a cheque book. In my case I want to change it to a Bank of Scotland Vantage account.