Switching bank accounts: pending cheques and salary switch

adidas

Hello
Unfortunately, I still have to pay cheques from my current account - some haven't been cashed yet.
If I switch my bank account then what will happen to the cheques that are due to be paid from my old account?
And in terms of the salary - what happens exactly? Does my new bank contact payroll to switch it? Do I need to switch it myself?
Both my old bank and purposed switching bank are members of CASS.

pbartlett

If I were you I would open my new account first. Wait until it is up and running, manually tell your HR dept your new account number for salary, wait until you have a debit card. Maybe even manually switch some DDs (online or call the company). Only once you are certain the new account is OK should you then request the switch.

Or of course you can switch day 1 using CASS but ask yourself - do I feel lucky......

colsten

I think cheques which have not been deposited within 7 days of the switch day will bounce.
I have since learnt that this is not the case. Thank you mej24.


 As above, make sure your new account is fully operational before you request the switch. Specifically, if you really need cheques, make sure you have a cheque book. Most banks do not routinely provide cheque books these days, and one or two don‘t provide any at all.

Your employer will be told about your new bank account automatically but it won‘t do any harm to tell them yourself as well.

adidas

Thanks both 
If I open a new account without using the switching scheme on opening then do I qualify for the switching bonus?

colsten

adidas said:

Thanks both 
If I open a new account without using the switching scheme on opening then do I qualify for the switching bonus?

There are no bonus payments for opening accounts. The clue is in the word switching bonus. 

blue.peter

colsten said:

There are no bonus payments for opening accounts. The clue is in the word switching bonus. 

True. However, the bank might impose a time limit after account opening before which the switch must be initiated/be completed if the bonus is to be paid. That time limit could, in theory be zero (i.e., the switch has to be initiated at the time of account opening). @adidas , I suggest that you check the terms of the offer that you're planning to take up before doing so.

Edit: I wouldn't expect a zero time limit. I'm just saying that it's a possibility.

Having said that, if it was me, I'd be inclined to do as @pbartlett suggests - i.e., one step at a time. Even that can go awry, though, as I discovered last year. I manually switched some DDs, only for the receiving bank to cancel the new ones when the account switch went through. Gah!

born_again

You can usually set the switch date yourself. Once you apply to your new bank.
Best to make it in the period when you have no DD's going out.

So if all your DD's go out around the 1st of the month, make the switch date in the middle of the month. Gives banks & companies plenty of time to get everything updated.

adidas

Thanks Blue Peter and Born Again for your useful advice

mej24

colsten said:

I think cheques which have not been deposited within 7 days of the switch day will bounce. As above, make sure your new account is fully operational before you request the switch. 

Cheques will be redirected for 36months according to:
 
https://www.chequeandcredit.co.uk/cheque-users/consumers/current-account-switch-service

adidas

Thanks mej4 for your helpful response.