CASS and Virgin Money
in Budgeting & bank accounts
7 replies 291 views
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?
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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.