Kroo transferring direct debits from another account and cheques


No Current Account Switching Service. How are people moving their direct debits over? Do you really have to contact everyone you have a direct debit with, or is there an easier way.
No ability to pay in cheques. Ok I very rarely get ones nowadays, but I do get a small one occasionally for the telegraph pole in the garden. I guess I could contact them and get them to send it to my partner instead. It would seem a bit daft to still keep my TSB account active after I change over just for very occasional cheques.
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Kroo choose not to use CASS so yes, manual transfer. Though I just use it as a holding place
Pay comes in
Anything excess (to <£1) moved to Kroo, day before a bill is due, move back to current account. I guess you'd sneak an extra day interest by having all the DD with them as well but to me it's not worth it. If they did CASS I would probably move
They don't accept cash deposits either alongside cheques, suppose it helps them offer better rates without the infrastructure of dealing with these thingsSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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It’s a good idea to have multiple current accounts and with separate providers so I’d keep the one with TSB as a backup.2
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Starling do all you ask and pay 3.25%0
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Thanks for the replies
I wouldn't want to keep fiddling about moving money every time I have a bill, I like to keep it pretty simple with one current and one savings account and move money once a month, keeping about £2000 - £2500 in the current so I don't have to check every time I pay a larger amount that there is enough in.
I do see the reason to keep a second current account just in case of issues, though I've never had a problem with just having one. I guess I could keep TSB open with £10 in it.
Thanks for the Starling suggestion, but I do fancy the sweet sweet 4.35% of Kroo(ok it's only around £25 a year difference in interest I know)
Apart from not having CASS and not being able to pay in cheques, does Kroo have any other foibles I should know about?
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David_66 said:Thanks for the replies
I wouldn't want to keep fiddling about moving money every time I have a bill, I like to keep it pretty simple with one current and one savings account and move money once a month, keeping about £2000 - £2500 in the current so I don't have to check every time I pay a larger amount that there is enough in.
I do see the reason to keep a second current account just in case of issues, though I've never had a problem with just having one. I guess I could keep TSB open with £10 in it.
Thanks for the Starling suggestion, but I do fancy the sweet sweet 4.35% of Kroo(ok it's only around £25 a year difference in interest I know)
Apart from not having CASS and not being able to pay in cheques, does Kroo have any other foibles I should know about?
(I know there are complaints about most banks doing this from time to time, but I seem to recall quite a lot about Kroo).
Personally, I'd keep the TSB account too as a backup, and I'd keep an emergancy fund (a bit more than £10, maybe £100) in there. Always best to have access to a second account and card for emergancies if your main bank ever has a system problem, freezes your account, or something else bad happens. It will also make it easier to move back if you fall out with Kroo.0 -
If they don't support CASS then the only other option is to transfer the direct debts manually. It's seems an odd choice not to support CASS, even Nationwide support it.
I'd keep a second account somewhere for the cheques and as a backup in case Kroo has problems or the debt card stops working etc. Problems are quite rare but the impact can be quite big when they do occur. My main account is with Monzo but I have an old Halifax account with an overdraft facility that I carry the card for as a backup.0 -
David_66 said:Thanks for the replies
I wouldn't want to keep fiddling about moving money every time I have a bill, I like to keep it pretty simple with one current and one savings account and move money once a month, keeping about £2000 - £2500 in the current so I don't have to check every time I pay a larger amount that there is enough in.
I do see the reason to keep a second current account just in case of issues, though I've never had a problem with just having one. I guess I could keep TSB open with £10 in it.
Thanks for the Starling suggestion, but I do fancy the sweet sweet 4.35% of Kroo(ok it's only around £25 a year difference in interest I know)
Apart from not having CASS and not being able to pay in cheques, does Kroo have any other foibles I should know about?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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When they first launched, there were a lot of grumbles here about them blocking mundain transactions and then demanding excessive information before releasing them. I've not seen any complaints like this recently, so perhaps their algorithm has improved now.
All payments going out have been fine (including a very large one) but money coming in is unreliable at best. If they don’t like the method the 3rd party uses, they’ll block it. If it comes from a foreign bank, they’ll block it. They don’t tell you when one is declined.
Two UK survey companies I use pay in are blocked, had to reopen Halifax as a backup.Couldn’t use them as an every day bank, but good for interest. App is good too.0 -
The problem with keeping accounts "alive" is that you then rule out possible future switches.0
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Zopa_Trooper said:The problem with keeping accounts "alive" is that you then rule out possible future switches.
I think most of us serial switchers will not end up keeping an account that long - plus given the time frames (e.g. HSBC, NatWest seems to be at least 3 years, others have done 2) after you switched A to B to C again and give it a couple of years, A might be available again so C to A is switched then you are no longer a customer of C anywaySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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