Business Banking Switch

DoubleEntry

Hi All

I've searched through the forum but can't see an answer to this.

Santander is closing my local branch, so I am considering a move to Ulster Bank for 2yrs free transactions etc etc.

I know the switching service takes 7 days, but my question is - is there an overlap period between the two accounts for invoices already issued but not due until on or shortly after the 7 days?

I've never switched before so am unsure when to advise customers of the new bank details.

TIA

MyRealNameToo

Payments made to the old account get forwarded to the new account automatically for 3 years after the switch occurs. So ideally get new invoices into the new account details ASAP but people who dont notice or forget etc will still hit your account with a little delay.

Why go for someone with only a 2 year offer though? HSBC is now free, Starling has always been free

DoubleEntry

Hi MyRealNameToo

Thanks for this - it's a small number of regular monthly customers, so it will just an email to each and change of details on the invoices.

I did have a look at HSBC, but found it a bit confusing as the webpage shows no monthly fee, but the download of the Business Price list shows a free 12month banking period.

Decided to give it a miss because of this.

Thanks Again

MyRealNameToo

HSBC has flip-flopped over the years. I originally signed up to their 'ebusiness' account which had no standing fees, no fees for digital payments but much higher fees for cash etc. They closed that product and migrated onto their standard product which had a standing monthly charge. I had intended to switch again but never got around to it and then at the tail end of last year they stopped the monthly fee again.

Maybe it was an old link, they undoubtably have different products and so maybe not all are fee free but they certainly have one thats now fee free.

I should just get round to moving to Starling but given you are doing this because of local branch closure guessing they wouldnt work for you.

DoubleEntry

Yes, call me old school but I like face to face for any problems / issues that come up.

Thanks again for the heads up on the three year forwarding.

lr1277

This may not apply to you or any other business owner but is email the best way on informing your clients about the change of bank details? I ask because there are stories about house purchases going wrong because the buyer sent the money to their solicitor with account details they had been emailed. Obviously the details were from a fraudster.

Perhaps it might be better to write to them with headed paper (which will be an additional cost) or phoning them? Just a thought.

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81862486#Comment_81862486

That's a good point. I suggest two notifications by different means. And very large font for the new details on future invoices.