Current Account Switch Guarantee

Rawhy

My switch date is on the 28th Feb. I want to know, after that date, should I see my direct debits transferred? I.e. my credit card with aqua will be automatically updated to use my new bank account and sort code?

I just want a way to confirm that my direct debits have transferred properly, I rather not miss a payment and ruin my credit score.

Thank you!

colsten

The likelihood that something goes wrong is very slim. Nonetheless, it's worth checking. You should be able to see all your DDs (and SOs, and all your money) on your new account once the switch is complete. If you can't see them, I would contact the payee and ensure they have the new sort code and account number. Alternatively, you can complain to the new bank and have them sort it for you. This is probably more time-consuming than doing it yourself.

Rawhy

Okay, the switch happened, and I can see all the direct debits on my first direct current account (my AMEX, AQUA and Halifax credit cards). However, if I go on the individual sites, only Halifax has my first direct account details. AQUA and AMEX have my old current account details. Should I amend them manually?

colsten

Aqua and AMEX might not have got round yet to updating their records. Having said this, when CASS first came in, AMEX was one of the organisations who would only update the DD details when the account holder asked for it themselves. As it's easy enough to update your details yourself, just do it.

Armorica

It's complicated behind the scenes but you don't need to overly worry.

The most simple version is when the new banks tells your direct debit originator (DDO) about your switch and the DDO updates your details. It sounds like Halifax has done this).

The next version is that even when your DDO does NOT update the information, the processing engine behind the scenes will process any DD against your OLD account against your NEW account instead. At the same time they will remind the DDO to update your NEW details.

Ideally the DDO does this in the next few months. But not all do.

The automated switch in the centre will work for as long as you need it to. It used to be three years. It is now three years plus rolling 13 months. I.e. as long as a DD remains active (and is collected at least once every 13 months), the automated switch will still happen. Even if you DDO does not update the details.

Some DDO have more complex legal requirements which means they don't act on the bank's information to update your NEW details. But will wait for your instruction.

And of course, you may want to update manually. But the point of the switching service is to avoid/minimise the need for customers to do this.

If you experience any issues at all, complain to your NEW bank. And they can smooth over any issues with you DDO. You should not be punished for any missed payments solely due to the switch. (unless it was your lack of funds!)

If everyone does the right thing, this should include Aqua not affecting your credit score if a payment is missed that was not your fault.

colsten

Armorica wrote: »

If you experience any issues at all, complain to your NEW bank. And they can smooth over any issues with you DDO. You should not be punished for any missed payments solely due to the switch. (unless it was your lack of funds!)

If everyone does the right thing, this should include Aqua not affecting your credit score if a payment is missed that was not your fault.

Whilst all this is very interesting, and true, it seems a hell of a lot faster to me to just update a couple of DDs myself than to continuously keep an eye on whether the change has been made, and perhaps having to complain to the new bank, or may be even having some drama with erroneous defaults being recorded on my credit file. Many DDOs allow people to update their bank details online - a transaction that takes literally no more than a couple of minutes to complete.