BANKS are CHANGING their account & sort codes
RandS
Posts: 10 Forumite
Very recently i received notification of changes to the account number and sort code, of a bank i have paid money to for a savings account. PLEASE NOTE this is NOT MY account number which is changing it is the number of the BANK where my savings account is held. These changes come into effect in September and i believe it is across the board so many banks are doing likewise.
What happens IF you don't change the details and come September you make a payment to the OLD number, just as you have done with no problem up until then?
A phone call to the bank, came back with the response "If you pay the old account, you'll have to ask your bank to recover the money. The same as if you were to pay me and insert the wrong account number" . :eek:
Can this really be the case? there are going to be hundreds if not thousands of payments going to old account numbers...
I can/have dairised the event and will take the time to attend to the changes, that though is just because i'm sad that way. I know many who are more human and who will i'm sure, simply overlook it when the time comes. Is there not a way the banks could put a stop on any money paid into the old accounts numbers and return it to the payee?
What happens IF you don't change the details and come September you make a payment to the OLD number, just as you have done with no problem up until then?
A phone call to the bank, came back with the response "If you pay the old account, you'll have to ask your bank to recover the money. The same as if you were to pay me and insert the wrong account number" . :eek:
Can this really be the case? there are going to be hundreds if not thousands of payments going to old account numbers...
I can/have dairised the event and will take the time to attend to the changes, that though is just because i'm sad that way. I know many who are more human and who will i'm sure, simply overlook it when the time comes. Is there not a way the banks could put a stop on any money paid into the old accounts numbers and return it to the payee?
0
Comments
-
Very recently i received notification of changes to the account number and sort code, of a bank i have paid money to for a savings account. PLEASE NOTE this is NOT MY account number which is changing it is the number of the BANK where my savings account is held. These changes come into effect in September and i believe it is across the board so many banks are doing likewise.
What happens IF you don't change the details and come September you make a payment to the OLD number, just as you have done with no problem up until then?
A phone call to the bank, came back with the response "If you pay the old account, you'll have to ask your bank to recover the money. The same as if you were to pay me and insert the wrong account number" . :eek:
Can this really be the case? there are going to be hundreds if not thousands of payments going to old account numbers...
I can/have dairised the event and will take the time to attend to the changes, that though is just because i'm sad that way. I know many who are more human and who will i'm sure, simply overlook it when the time comes. Is there not a way the banks could put a stop on any money paid into the old accounts numbers and return it to the payee?
I believe it's the sort codes that are changing mainly. I know for a fact that Saffron BS and Principality BS have recently got new sort codes. It's due to 'ring-fencing' laws at the big banks.
I think there's a 3 year period where any money sent to the old account should be transferred automatically to the new account. Within that time frame the bank/BS should be contacting you to inform the sort code changes (no doubt multiple times, especially if you're still using the old sort code number).:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
The only way for banks to stop payments to the old accounts is to close these accounts. Which means all payments to them will fail. In the case of ringfencing, the banks are trying to reduce the impact on customers by only asking the customers on one side of the fence to change thier account details. If banks closed these accounts, all customers would have to change their account details. You may also not realise that there is actually an shortage of unused sort codes in the uk. So banks are trying to use any free sort codes unnecessarily. If banks have to move to a longer sort code or a system that doesn't use sort codes that is going to affect every account in the uk.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
-
Barclays changed two digits of our sort codes in February/ March. They gave us plenty of notice and told us that they would write to every company that we had dd's with (which they did). They also assured us that any payments received under the old sort code would be accepted for three years. They sent us new debit cards with the updated information on within a week.
It was painless, no problems so far.I came into this world with nothing and I've got most of it left.0 -
Birmingham Mid-shires too
How very annoying!0 -
Saffron Building Society did the same thing, however the standing order set up to pay into the account was automatically changed without me having to intervene. (Went online to edit it, and it was already changed).0
-
The Birmingham midshires with Barclays is a hangover from when BM was an independent building society. It was easier to keep the relationship with Barclays than change the infrastructure!0
-
I work alongside a large accounts payable team, the BACS service regularly send through notifications of payees whose sortcodes (and sometimes account numbers) have changed in order that we can update our system. The payments are redirected automatically.
BACS also get very shirty if they've told us after three payments and we still haven't changed the details!!:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son 0 -
I think Birmingham Midshires have sent the letters out too early.
None of the other banks I've tried recognise the sort code!
It shows on the Faster Payments website, so must be a case of the banks needing to update their database.0 -
glider3560 wrote: »I think Birmingham Midshires have sent the letters out too early.
None of the other banks I've tried recognise the sort code!
It shows on the Faster Payments website, so must be a case of the banks needing to update their database.
My letter says BM are making changes to T&Cs from 16 September 2018. Included in those changes is the new generic sort code & account number.
A paragraph on the right hand side of the letter in a big red box, emphasises the change date as 16 September so I'm not surprised other banks don't recognise the new details.
Presumably BM have sent out letters now to comply with the requirement to give 60 days notice.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards