CASS and Virgin Money 3 January at 3:11AM in Budgeting & bank accounts 7 replies 291 views

Descrabled

I have several VM current accounts that I no longer need now that competitors easy access interest rates have exceeded 2%. I am thinking of reduced the number of these accounts using the convenient switching process.

This made me wonder how the list of payees are handled as the VM system does not attach a payee to one current account. Rather it conveniently allows any of the accounts to use any of the payees when making a payment. Indeed many of my VM accounts have never made any payments, other than internal transfers.

So, is the complete payee list transferred to the receiving bank even though that particular VM current account has never made any external payments?

flaneurs_lobster

I don't believe that the CASS will transfer your list of payees, rather it will transfer the details of any Direct Debits / Standing Orders that are active on the current account you are switching. 

grumbler

flaneurs_lobster said:

I don't believe that the CASS will transfer your list of payees, 

It does. For me it's the references that that create a problem. Most payees are my own accounts and the references I use are, say, "from TSB". Now the account is switched to Co-op, and I have  either to edit the reference every time or to create a new payee from scratch.

Bridlington1

grumbler said:

flaneurs_lobster said:

I don't believe that the CASS will transfer your list of payees, 

It does. For me it's the references that that create a problem. Most payees are my own accounts and the references I use are, say, "from TSB". Now the account is switched to Co-op, and I have  either to edit the reference every time or to create a new payee from scratch.

I do a similar thing. I have an abbreviation (usually 2 letters) of the bank I'm sending from, plus the name of the bank I'm sending to as the reference, e.g. LL Natwest would mean a payment from Lloyds to Natwest etc. I'd probably end up sending money to the wrong account otherwise.

I would be tempted to hold off from switching the virgin accounts though, just in case they suddenly raise the interest rate on their current accounts.

Descrabled

Bridlington1 said:

grumbler said:

flaneurs_lobster said:

I don't believe that the CASS will transfer your list of payees, 

It does. For me it's the references that that create a problem. Most payees are my own accounts and the references I use are, say, "from TSB". Now the account is switched to Co-op, and I have  either to edit the reference every time or to create a new payee from scratch.

I do a similar thing. I have an abbreviation (usually 2 letters) of the bank I'm sending from, plus the name of the bank I'm sending to as the reference, e.g. LL Natwest would mean a payment from Lloyds to Natwest etc. I'd probably end up sending money to the wrong account otherwise.

I would be tempted to hold off from switching the virgin accounts though, just in case they suddenly raise the interest rate on their current accounts.

Thanks Grumbler and Brid. The medium interest on my savings accounts is now a shade over 3.5%. I am closing all savings accounts paying less than 3%. I don't forsee VM increasing to that rate anytime soon. I may wait 'till February just in case as I have several BOS to cull first.

jimjames

Descrabled said:

So, is the complete payee list transferred to the receiving bank even though that particular VM current account has never made any external payments?

Tesco bank had the same facility and when I switched that elsewhere the full list of payees was transferred.

Band7

I CASSed two of my Virgin accounts, one to Nationwide and one to TSB. I have 6 external payees on Virgin. None of which got transferred to to either Nationwide or TSB. Not an issue for me, as I use these accounts only to go after a switch bonus.

subjecttocontract

Descrabled said:

Bridlington1 said:

grumbler said:

flaneurs_lobster said:

I don't believe that the CASS will transfer your list of payees, 

It does. For me it's the references that that create a problem. Most payees are my own accounts and the references I use are, say, "from TSB". Now the account is switched to Co-op, and I have  either to edit the reference every time or to create a new payee from scratch.

I do a similar thing. I have an abbreviation (usually 2 letters) of the bank I'm sending from, plus the name of the bank I'm sending to as the reference, e.g. LL Natwest would mean a payment from Lloyds to Natwest etc. I'd probably end up sending money to the wrong account otherwise.

I would be tempted to hold off from switching the virgin accounts though, just in case they suddenly raise the interest rate on their current accounts.

Thanks Grumbler and Brid. The medium interest on my savings accounts is now a shade over 3.5%. I am closing all savings accounts paying less than 3%. I don't forsee VM increasing to that rate anytime soon. I may wait 'till February just in case as I have several BOS to cull first.

I'd like to do the same and am almost there but I have a couple of fixed interest accounts that were looking really attractive last April at 1.2% with £30k in them but are now wasting away......only got to wait another few months.