switching bank. direct debits/nightmare

barbedwire71

can anyone suggest anything. I have switched banks from halifax to tescos bank and due to complete on 29th may. I have been told by halifax i cannot change any of my standing orders or direct debits during the switch period. This is causing a lot of financial issues for me.

colsten

barbedwire71 wrote: »

can anyone suggest anything. I have switched banks from halifax to tescos bank and due to complete on 29th may. I have been told by halifax i cannot change any of my standing orders or direct debits during the switch period. This is causing a lot of financial issues for me.

If you can detail what issues it creates for you, someone might have some suggestions.

I'll have a stab in the dark: If you don't have enough cash in the Halifax account for the SOs and DDs, you can deposit extra money into it right up to the day before the switch is scheduled to take place.

barbedwire71

the isseus are, why can someone not have access to their direct debits and standing orders during the seven day switch?

Neil_Jones

This can be correct because otherwise they won't transfer correctly to Tesco. Note that direct debits you change with the company, not with the the bank.

If I can be honest, if you had any inkling of there being financial difficulties because of moving bank, maybe it would have been better to schedule a moving date well away from any existing debits.

colsten

barbedwire71 wrote: »

the isseus are, why can someone not have access to their direct debits and standing orders during the seven day switch?

Soz, this doesn't explain what the issues are, so I can't offer any further help, and I doubt anyone else can.

colsten

Neil_Jones wrote: »

Note that direct debits you change with the company, not with the the bank.

This is, of course, very true.

However, the payees often need a week at least to change DDs, so that could now also be too late as it appears that the DDs are scheduled before May 29.

A bypass could be to pay the recipient(s) directly by some other means - but until we know what the actual problems are, we're just speculating (aka wasting our time)

Emily_Joy

barbedwire71 wrote: »

the isseus are, why can someone not have access to their direct debits and standing orders during the seven day switch?

*Sigh* Because the bank you are switching to sends a request for DD, SO, and existing Payees details on day one. If any of these changes afterwards, the details will not be transferred correctly during the switch process because the new bank wouldn't have the updated information.

Zanderman

barbedwire71 wrote: »

the isseus are, why can someone not have access to their direct debits and standing orders during the seven day switch?

Emily_Joy wrote: »

*Sigh* Because the bank you are switching to sends a request for DD, SO, and existing Payees details on day one. If any of these changes afterwards, the details will not be transferred correctly during the switch process because the new bank wouldn't have the updated information.

Exactly. The whole point of a switch is that it reproduces, EXACTLY, the arrangements you had with the old bank. This is achieved in a somewhat miraculously short period of 7 days. An obvious pre-condition of this process is that you can't (obviously) change those exact arrangements during the 7 days. Otherwise the switch wouldn't work, as the 7 days would have to re-set when you make a change. So you can't make a change. Until the switch is complete. Simples.

Zero_Sum

Why are you switching to tesco anyway?
They no longer have the benefit of 3% interest, theres no switch bonus.
Their customer services arent very good.

The only benefit is that you can get clubcard points on debit card spend, but if DD's & SO's are causing an issue then why not just open a tesco one as a secondary account that you can use for tesco shopping (if the clubcard points were the reason you wanted one of their accounts)

DCFC79

barbedwire71 wrote: »

the isseus are, why can someone not have access to their direct debits and standing orders during the seven day switch?

What are you trying to change ?

I wouldn't dream of wanting to change any of the direct debits in case it screwed anything up, not that you can anyway.

Robin9

IMO having to wait a few days before you can set up a new SO or get a DD changed is not a nightmare.

What I think is more important is that you have adequate incoming funds.