Incoming payments

hagler

hello all

quite new to this switching stuff, just confused on the new bank taking over and setting up incoming and outgoing payments, will the new bank handle everything, we get some child benefit and child tax credit don't want to do the switch and then find we have to chase HMRC around to get bank details changed as will be a big headache

any advice would be greatly appreciated

steve

phillw

quite new to this switching stuff, just confused on the new bank taking over and setting up incoming and outgoing payments, will the new bank handle everything, we get some child benefit and child tax credit don't want to do the switch and then find we have to chase HMRC around to get bank details changed as will be a big headache

Direct Debits will be switched on the switch date and then any payments that come into your old account after the switch date will automatically be redirected to the new account and the sender will be notified of your new details. I think this continues for 36 months and I think you might get notified when payments are sent to the old account, so if something does go wrong you have plenty of time.

hagler

cheers phillw

phillw

I read somewhere that the period is extended by 13 months every time a payment is made, so it might never be an issue in any case...

penners324

I would still get the benefits amended to the correct new account. But it's not a huge priority 

binao

hagler said:

hello all

quite new to this switching stuff, just confused on the new bank taking over and setting up incoming and outgoing payments, will the new bank handle everything, we get some child benefit and child tax credit don't want to do the switch and then find we have to chase HMRC around to get bank details changed as will be a big headache

any advice would be greatly appreciated

steve

I'm also new to switching.

I understand  it is better to set up what is known as a burner account for switching. Starling, etc.

I also have a current account for all my regular banking which i wish to keep. The advice appears to be to leave well alone and setup burner accounts.

Also one doesn't really want to be switching a current account receiving regular money.

Also you may wish to become an adicted switcher.

Note, £1DD for DDs is problematic at the moment.

hagler

thanks binao, good job i didnt put my switch through would have been alot of trouble

Rob5342

Its easy to change the child benefit account details, just log into your child benefit account and you can do it all there.

As said it's easier to set up a new account with a few direct debts for switching.

flo22

phillw said:

I read somewhere that the period is extended by 13 months every time a payment is made, so it might never be an issue in any case...

That is correct 

penners324

Wouldn't use Starling for a burner account, their currentaccountis too good for that and you'll not get another one after switching away. Set up another account with your current bank.

binao

penners324 said:

Wouldn't use Starling for a burner account, their currentaccountis too good for that and you'll not get another one after switching away. Set up another account with your current bank.

How about Monzo then?