Telling employer you switched Bank

Abbey1991

In the old days, you would switch and your new bank would give you a form to give to your employer.

The new switching service seems to automate it - but how? Does the employer keep on paying to the old bank and it gets redirected? Or does the old bank inform the employer's bank, and then the employer's bank automatically pay the new bank without any manual intervention? Or does it have to go through an manual approval process where the employer asks the employee to confirm their new account details?

eskbanker

https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx:

What happens to payments that people send to my old account?
The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.

badmemory

Personally I would notify the employer of the change unless I intended leaving before the year forwarding ran out. At least that way you would know that it was done. Also those forwarded payments do not have the original references on them so it would be much better to make sure it was right.

The idea is good & covers you for things you may have forgotten but when the forgotten things turn up is your cue to put it right (or use the delete key). Put it another way. I and I alone am responsible for my financial transactions, I should not sit back and allow others to decide what I am going to pay & who to.

Shakin_Steve

badmemory wrote: »

Personally I would notify the employer of the change unless I intended leaving before the year forwarding ran out. At least that way you would know that it was done. Also those forwarded payments do not have the original references on them so it would be much better to make sure it was right.

The idea is good & covers you for things you may have forgotten but when the forgotten things turn up is your cue to put it right (or use the delete key). Put it another way. I and I alone am responsible for my financial transactions, I should not sit back and allow others to decide what I am going to pay & who to.

Absolutely. I would definitely contact my employer to make sure they had the correct details.

Abbey1991

Thanks.. so what about a retired person with a handful of income streams from different pensions etc. It wouldn't really be worth the hassle of switching - trying to inform DWP for example would be difficult.

Shakin_Steve

Abbey1991 wrote: »

Thanks.. so what about a retired person with a handful of income streams from different pensions etc. It wouldn't really be worth the hassle of switching - trying to inform DWP for example would be difficult.

It’s always worth switching.

AirlieBird

Shakin_Steve wrote: »

Absolutely. I would definitely contact my employer to make sure they had the correct details.

Perhaps it's not the norm, but I can't recall ever having had a payslip that didn't contain the details of the account it was being paid into.

kerri_gt

Abbey1991 wrote: »

Thanks.. so what about a retired person with a handful of income streams from different pensions etc. It wouldn't really be worth the hassle of switching - trying to inform DWP for example would be difficult.

No different from informing them of a change of address for instance. Phone or write.

Silvertabby

!!!8220; Thanks.. so what about a retired person with a handful of income streams from different pensions etc. It wouldn't really be worth the hassle of switching - trying to inform DWP for example would be difficult.
Originally posted by Abbey1991

Tell everyone of your new bank details - but don't close your old account until you know that all of your payments are being made to the new account.

Used to drive me nuts when a LGPS pensioner would write in with new bank details after the pay run had been finalised - and them blame me when they didn't get paid on time because their pension payment had gone to their old closed account and therefore been bounced back.

YorkshireBoy

Silvertabby wrote: »

Tell everyone of your new bank details - but don't close your old account until you know that all of your payments are being made to the new account.

The OP's question relates to the Current Account Switching Service (CASS), which automatically closes the old account. You don't get a say in it!

Clare43

Abbey1991 wrote: »

Thanks.. so what about a retired person with a handful of income streams from different pensions etc. It wouldn't really be worth the hassle of switching - trying to inform DWP for example would be difficult.

No problem at all with DWP. Have switched my parents accounts a couple of times. Both have payments from DWP to their own accounts and also a private pension and they've gone to new accounts without any problem and got 2 switching bonuses as well