CASS and standing orders

IvanDP

Firstly, excuse my ignorance if I seem a bit thick here, but I would appreciate some clarification.

My partner has a NatWest current account, which we are looking at switching to Lloyds for the £125 switching bonus.
There are no direct debits payed from this account, but there is a standing order payed from one of my accounts into it.

My question is:
If she switches, would the standing order switch too, or would I need to cancel the existing standing order and set up a new one for the new account?

Thanks in advance

:beer::beer::beer:

mwarby

Standing orders are switched as part of CASS

IvanDP

mwarby wrote: »

Standing orders are switched as part of CASS

Thank you for clarifying

Ergates

Your standing order won't be switched.

Any standing orders (or DDs etc) *from* your partners account will be switched. However, this standing order is on *your* account so won't be. You will have to do this yourself.

However, any payments (such as your standing order) that are sent to your partners old account should be automatically redirected to their new one - so if you forget to change, or mistime the change, then they should still get the money (though there might be a slight delay).

IvanDP

Ergates wrote: »

Your standing order won't be switched.

Any standing orders (or DDs etc) *from* your partners account will be switched. However, this standing order is on *your* account so won't be. You will have to do this yourself.

However, any payments (such as your standing order) that are sent to your partners old account should be automatically redirected to their new one - so if you forget to change, or mistime the change, then they should still get the money (though there might be a slight delay).

Will that be for the odd payment that gets missed, or for all future payments?

Ergates

IvanDP wrote: »

Will that be for the odd payment that gets missed, or for all future payments?

Everything should get redirected for 36 months. Then this period should also be extended (potentially indefinately) if payments keep being sent to the old account. Your old bank should only end the redirection process if there have been no payment sent for at least 13 consecutive months.

So: Yes if they're regular payments. If, however, everthing got transferred then, say 2 years later a random payment was sent to the old account, it wouldn't be redirected.

EarthBoy

Any payments that are sent to the old account, whether by standing order or faster payments etc., will be instantly redirected to the old account.

The sender's bank should then be notified by the banking system that the bank account has been switched, and they will be given the new bank account details so they can update their records. Future standing orders will then be sent straight to the new account.

That's what's happened every time I've switched and I've not had any problems. I have several incoming regular and irregular payments, and I've never given any of the senders my new bank details; the updates have always been done automatically.

IvanDP

Thanks for the information folks.

And now the offer has been extended, we still have time to make the switch and benefit from the £125