My current bank does not support a bank switching service

shambles69

Hi. I have held a current (pre-paid) bank account with Cashplus for about 9 years now. At the time my credit rating was poor, no other regular bank would touch me with a barge pole so it was hobsons choice really. With cashplus I had the option of opting into 'cashbuilder ' on their current account which basically claims to help repair my credit rating. I'm not sure how successful or not that has been throughout the years but slowly and surely I have managed to rebuild my credit rating to a healthy state again. During the time I have been with Cashplus I have set up a number of direct debits with them plus my wages go there every week. Now my credit worthiness is in good standing I thought I'd open a regular current account with Barclays - for which I have been accepted - and complete a 7 day transfer switch. It all seemed to be pretty straightforward. It turns out to be not so straightforward however as Cashplus do not support a  7 day bank switching service. 

How easy or difficult is it going to be to transfer everything over myself manually? and how to do it in the best possible way so direct debits don't get interrupted. Is it likelt to be the nightmare that I am anticipating ? I really don't relish the thought of having to stay with cashplus especially now I have a choice. 
If anyone has any words of wisdom or even just a general pointer in the right direction on what to do it will be much appreciated.
Thanks in advance.

Yorkshire_Pud

Not a nightmare unless you make it one!

Keep BOTH accounts open and transfer direct debits over by contacting the PROVIDER/COMPANY at your leisure same with wages inform by letter to company with new account details.

Keep enough in both accounts until you know debits have stopped over etc.

Keep it simple and take your time, it’s only the switch service that needs to be so quick as the old account is closed as part of the process.

Good luck!

Plus ask Barclays staff to help you in branch if you need more help.

eskbanker

You just need to contact each of your DD recipients one by one and change the bank account details.  Without knowing who they are, many companies allow you to update this online, and you're largely in control of the timing so can, for example, initiate each change the day after it's taken, with no need to do them all in one go.

Make sure you keep enough money in both accounts during the transition though....

tehone

I have done this before. My advice is to do this
1) Make sure you know when your pay is going into your "new" bank account, and then if necessary transfer some money back into the "old" account.
2) Make a note of every DD/SO you have at the moment.
3) As soon a DD/SO payment has come out of the old account, ring them (or make the change online), to the new account and then confirm a) the old DD has been cancelled and b) the date that the new DD will come out of your new account. 
4) 14 days later (to allow for any processing), and if you haven't heard otherwise, make sure that a) old DD has been cancelled (no longer active in your old account) and b) a new pending DD has been set up in your new account
5) I had one or 2 odd DDs that didn't pay out monthly, which I just changed immediately (TV licence, and a few annual subscriptions)
6) Keep an eye out for any incoming payments you may have forgotten about, and change those as they happen (e.g. dividends)

born_again

If you have any Standing order then cancel the old one and set a new one up with the new account.
A S/O is in your control. Failure to close it, will see the funds keep going out and there is nothing you can do to get them back.

jonesMUFCforever

Just one thing to add  - direct debits - leave plenty of time before transferring from old to new - they will require a minimum of 10 days to act on your  instructions.

apb123

Some of the replies here are over complicating matters.

Just keep both accounts open and transfer the direct debits.Ensure you have enough money to cover them in both accounts. Once you are happy, close the cash plus account.