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    • RandS
    • By RandS 13th Jul 18, 9:44 AM
    • 10Posts
    • 0Thanks
    RandS
    BANKS are CHANGING their account & sort codes
    • #1
    • 13th Jul 18, 9:44 AM
    BANKS are CHANGING their account & sort codes 13th Jul 18 at 9:44 AM
    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" .
    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?
    Last edited by RandS; 13-07-2018 at 9:50 AM.
Page 1
    • karlie88
    • By karlie88 13th Jul 18, 10:00 AM
    • 8,483 Posts
    • 106,338 Thanks
    karlie88
    • #2
    • 13th Jul 18, 10:00 AM
    • #2
    • 13th Jul 18, 10:00 AM
    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" .
    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?
    Originally posted by RandS
    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).
    Official MSE canny forumite and HUKD VIP badge member
    • tacpot12
    • By tacpot12 13th Jul 18, 10:11 AM
    • 1,383 Posts
    • 1,188 Thanks
    tacpot12
    • #3
    • 13th Jul 18, 10:11 AM
    • #3
    • 13th Jul 18, 10:11 AM
    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.
    • Shakin Steve
    • By Shakin Steve 13th Jul 18, 11:21 AM
    • 1,577 Posts
    • 1,345 Thanks
    Shakin Steve
    • #4
    • 13th Jul 18, 11:21 AM
    • #4
    • 13th Jul 18, 11:21 AM
    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.
    • AndyPK
    • By AndyPK 13th Jul 18, 11:57 AM
    • 3,221 Posts
    • 927 Thanks
    AndyPK
    • #5
    • 13th Jul 18, 11:57 AM
    • #5
    • 13th Jul 18, 11:57 AM
    Birmingham Mid-shires too


    How very annoying!
    • pochisoldi
    • By pochisoldi 13th Jul 18, 12:59 PM
    • 136 Posts
    • 81 Thanks
    pochisoldi
    • #6
    • 13th Jul 18, 12:59 PM
    • #6
    • 13th Jul 18, 12:59 PM
    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).
    • Nick_C
    • By Nick_C 13th Jul 18, 8:07 PM
    • 4,210 Posts
    • 5,848 Thanks
    Nick_C
    • #7
    • 13th Jul 18, 8:07 PM
    • #7
    • 13th Jul 18, 8:07 PM
    Birmingham Mid-shires too


    How very annoying!
    Originally posted by AndyPK
    I always thought it was a little odd that payments to Birmingham Midshires - A Lloyds Group brand - went through Barclays!
    • Edi81
    • By Edi81 13th Jul 18, 8:53 PM
    • 530 Posts
    • 488 Thanks
    Edi81
    • #8
    • 13th Jul 18, 8:53 PM
    • #8
    • 13th Jul 18, 8:53 PM
    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!
    • Tigsteroonie
    • By Tigsteroonie 13th Jul 18, 9:00 PM
    • 22,853 Posts
    • 57,355 Thanks
    Tigsteroonie
    • #9
    • 13th Jul 18, 9:00 PM
    • #9
    • 13th Jul 18, 9:00 PM
    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!!
    Mrs Marleyboy

    MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote

    Proud Parents to an Au-some son
    • glider3560
    • By glider3560 13th Jul 18, 9:12 PM
    • 3,653 Posts
    • 2,340 Thanks
    glider3560
    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.

    • badger09
    • By badger09 14th Jul 18, 12:51 PM
    • 6,208 Posts
    • 5,566 Thanks
    badger09
    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.
    Originally posted by glider3560
    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.
    • Hattie625
    • By Hattie625 14th Jul 18, 1:54 PM
    • 778 Posts
    • 658 Thanks
    Hattie625
    Also to be noted with regard to Birmingham Midshires, as set out in their letter:-

    If you make payments into your BM savings account by direct debit, you don't need to do anything with regard to the changed bank details.

    As many people (although admittedly not all) opened a BM savings account to meet direct debit requirements imposed by their current account provider, I expect that many deposits to BM are being made by direct debit and so not affected by the change.
    • Tom99
    • By Tom99 14th Jul 18, 2:06 PM
    • 2,641 Posts
    • 1,805 Thanks
    Tom99
    Fidelity changed their sort code recently. They did not notify me but instead managed to somehow change the payment details I had set up with my bank.
    This left me thinking I had made a mistake keying in the sort code and my money had gone to the wrong bank.
    My bank told me I must have changed the sort code which I knew I had not done.
    • badger09
    • By badger09 14th Jul 18, 5:52 PM
    • 6,208 Posts
    • 5,566 Thanks
    badger09
    Fidelity changed their sort code recently. They did not notify me but instead managed to somehow change the payment details I had set up with my bank.
    This left me thinking I had made a mistake keying in the sort code and my money had gone to the wrong bank.
    My bank told me I must have changed the sort code which I knew I had not done.
    Originally posted by Tom99
    I would be annoyed if that happened on one of my accounts.
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