Current Account Switch Guarantee

Rawhy

Hello,


I'm about to switch my current account for the first time, and I'm a bit nervous. I know that the Current Account Switch Guarantee that all my money incoming and outgoing will be taken care of, and this would include my salary and direct debits (for credit cards) too.

So I signed up with First Direct, and indicated that I want to switch to them from Halifax. Today in the post, I got a letter from them when I need to sign and return. However, I noticed that on one of the papers, they have assigned a new account number and sort code to me.

Now how would my company know this new account number and sort code? I thought I would keep my old account number and sort code, that way nothing would need to change. Or is the switching process not complete yet?

I'm just nervous about not getting my salary or missing a credit card payment.


Thank you!

jonnygee2

Now how would my company know this new account number and sort code? I thought I would keep my old account number and sort code, that way nothing would need to change.

You get a new sort code and account number. The transfer of payments from one to another is automatic, and money sent to the old account will automatically be transferred over to the new one.

It does sometimes feel too good to be true! But it works, just trust it!

You should still update your company with your new sort code and account number though.

Rawhy

jonnygee2 wrote: »

You should still update your company with your new sort code and account number though.

Ah, I see, okay. So money going in and out of my old account number and sort code will be transferred to me. I'll make sure that I update my direct debit payments of my new account number and sort code too, do you recommend this? Thank you again!

jonnygee2

I'll make sure that I update my direct debit payments of my new account number and sort code too, do you recommend this?

No everything like that will be updated automatically. Don't try and update them it'll cause confusion!

The reason you should update your company is that they normally store your account number separately and they may use it in the future, for example to pay expenses, so it's best if is up to date.

masonic

Rawhy wrote: »

I'll make sure that I update my direct debit payments of my new account number and sort code too, do you recommend this? Thank you again!

Direct debits should be switched automatically. You can check that they appear on the new account. It normally takes about 4 working days to set up the new DDs and then another 4 working days until the first payment can be collected, so if you have a credit card bill due in that limbo period it might be worth checking if you need to make a manual payment for that month, though this sort of thing is normally covered under the guarantee.

Fingerbobs

masonic wrote: »

Direct debits should be switched automatically. You can check that they appear on the new account. It normally takes about 4 working days to set up the new DDs and then another 4 working days until the first payment can be collected, so if you have a credit card bill due in that limbo period it might be worth checking if you need to make a manual payment for that month, though this sort of thing is normally covered under the guarantee.

My switch from Santander to NatWest completed on 31st January, and a DD to a credit card went out on 1st February from the new account - one day earlier than the expected date (presumably because they forgot to allow for 2nd Feb being a Saturday).

masonic

Fingerbobs wrote: »

My switch from Santander to NatWest completed on 31st January, and a DD to a credit card went out on 1st February from the new account - one day earlier than the expected date (presumably because they forgot to allow for 2nd Feb being a Saturday).

Thanks for the confirmation, the switching process starts a minimum of 7 working days before the agreed completion date, so that information is entirely consistent with the 4 working day DD set up and 4 working day first DD pull mentioned above.

colsten

Fingerbobs wrote: »

My switch from Santander to NatWest completed on 31st January, and a DD to a credit card went out on 1st February from the new account - one day earlier than the expected date (presumably because they forgot to allow for 2nd Feb being a Saturday).

It's how Natwest handle weekends

PRAISETHESUN

The sort code and bank account number is unique to each individual bank account, so you will get new details from First Direct. What will happen during the CASS process however is that any money which is sent to your old bank account will automatically be forwarded onto your new account, so the fact that you don't keep your old account details doesn't really matter.

Any Direct Dedibts, Standing Orders or other payments in/out will be automatically transferred as a part of the switch. I've done several switches at this point and have not yet had anything go wrong - but on the odd chance that something does, any missed/late payment fees or interest charges are guaranteed to be paid by your new bank - so there is nothing really to stress about!