Standing Orders

hmb2212

Hi
I have changed my bank account and forgot to cancel my standing orders to myself (in a different account)on my old account which are due out today. I have tried cancelling them now but they wont let me. does anyone know if I will be charged, there is no money in the account,
Thanks

eskbanker

When you say you 'changed' your account, have you used the Current Account Switching Service and if so, when was the switch? This closes the old account so any standing orders wouldn't be processed thereafter from the old account, but will instead be paid from the new one.

If you didn't do a CASS switch and the old account is still open, why won't they let you cancel SOs on it?

hmb2212

No I didn't do the switch, I just wanted to change bank accounts, so I opened a new account and changed all my direct debits and had my salary go into my new account but forgot all about the standing orders as they are only to go into different savings accounts, but have had a message from my old bank today saying I need to pay in money to pay the standing orders, I have tried to cancel them online but it says its too late to cancel or change the standing orders as payment is due today.

PRAISETHESUN

I know some banks won't let you amend SOs if you try to cancel them too close to when they are supposed to pay out - I think I've had a similar issue with NatWest in the past. It'll come down to the bank in question as to what dishonour/overdraft fees they charge for payments that don't go out due to insufficient funds. If possible, I'd just transfer the right amount to the account in question to cover the SO and then chase it up afterwards.

DCFC79

hmb2212 wrote: »

No I didn't do the switch, I just wanted to change bank accounts, so I opened a new account

Why not use the switch service, you get paid to switch.

Fingerbobs

hmb2212 wrote: »

No I didn't do the switch, I just wanted to change bank accounts, so I opened a new account and changed all my direct debits and had my salary go into my new account but forgot all about the standing orders as they are only to go into different savings accounts, but have had a message from my old bank today saying I need to pay in money to pay the standing orders, I have tried to cancel them online but it says its too late to cancel or change the standing orders as payment is due today.

Have to created duplicate Standing Orders on the new account?
If not, would the simplest solution not be to simply transfer enough money from your new account into the old account to cover the Standing Orders today, and then cancel them tomorrow?

diana240

Depending on the bank if you speak to them they may well waive the charges, or if you even pay the money into the account and let them SD go through then it might be ok without charges, have a chat with them, most will waive if it doesn't happen to often.

badger09

hmb2212 wrote: »

No I didn't do the switch, I just wanted to change bank accounts, so I opened a new account and changed all my direct debits and had my salary go into my new account but forgot all about the standing orders as they are only to go into different savings accounts, but have had a message from my old bank today saying I need to pay in money to pay the standing orders, I have tried to cancel them online but it says its too late to cancel or change the standing orders as payment is due today.

You have 2, fairly simple options

1) as soon as the SOs hit the destination accounts, transfer the payment straight back to your old account

2) if that is not possible, or you want those payments to stay where they are, pay enough from your new account into your old account to cover the standing orders

hmb2212

I already paid the standing orders from my new account which is about £700, so its not possible to pay it back in to my old account then wait for the standing orders to go through, then transfer it back , Also It wasnt possible to do the Switch to my new account as I am a discharged bankrupt and can only have a basic bank account.

hmb2212

You can only do a switch on current bank accounts, as I am a discharged bankrupt I am only able to get a basic bank account

hmb2212

well i have just spoken to Nationwide and they no longer charge for missed payments, which is a relief !! thank you all for your comments.