Switching current accounts

[fourstardan]

Ok, I've asked Lloyds to transfer from Barclays.

They said it will transfer on the 26th, and I get paid on the 23rd, with I think one DD coming out on the 24th.

Is there anything I need to be doing or am I worrying about nothing?

[Truckosaurus]

If you one of life's worriers then go down the cashpoint on the 25th and get out a few quid to see you through the week in case of turmoil.

[fourstardan]

Truckosaurus said:

If you one of life's worriers then go down the cashpoint on the 25th and get out a few quid to see you through the week in case of turmoil.

What's a cashpoint dad?

[Truckosaurus]

fourstardan said:

What's a cashpoint dad?

Indeed. That was somewhat my point.

These days most of us barely carry any folding money and rely on cards/smartphones/etc to pay for everything, so if the bank switch went wrong and you couldn't buy anything for 24hrs you might be inconvenienced without some cash money to buy dinner or fuel the car or get a bus ticket to work etc.

[KTF]

Any payments to the old account will get transferred to the new account even after it has been closed for a period of time.

[mikey_b]

KTF said:

Any payments to the old account will get transferred to the new account even after it has been closed for a period of time.

I have come across an exception to that (or at least a quirk) - my sister banks with Lloyds, and until earlier this year, so did I. When she recently tried to transfer me some money using my old account details, her Lloyds app threw an error message: 'something isn't right with this payment'. So I think it's more accurate to say 'money coming from a different bank will be forwarded to the new account', but not necessarily 'any' payments to the old account.

[C5_Steve]

mikey_b said:

KTF said:

Any payments to the old account will get transferred to the new account even after it has been closed for a period of time.

I have come across an exception to that (or at least a quirk) - my sister banks with Lloyds, and until earlier this year, so did I. When she recently tried to transfer me some money using my old account details, her Lloyds app threw an error message: 'something isn't right with this payment'. So I think it's more accurate to say 'money coming from a different bank will be forwarded to the new account', but not necessarily 'any' payments to the old account.

The app checks the beneficiary name against the account number before you send the funds so in your sister's case it rightly flagged it was incorrect (if it was after the account transfer date). This check is done when you're making a new payment (even if to an existing beneficiary) so it worked as intended. If your sister had a standing order set upon to you for example, it would have gone and been redirected as there's no beneficiary check in advance.

OP - You'll be covered by the Current Account Swithing Guarantee. Your new bank should have given you the details but here's the link if you want to double check. You'll be fine.

https://www.currentaccountswitch.co.uk/

[fourstardan]

Thanks, I feel assured now.

Moved from Barclays to Lloyds as Barclays offers chaff all and Lloyds are offering 175 quid for sign up.

Only difference is Barclays did a 4k Overdraft and Lloyds 500! Im sure this will grow.

[Ubiquitous2024]

Just as an FYI - I have recently started switching again having completed a load of switches over the last few years (and making £1400) as there is a load of new switches on the market and I fancied trying again. Two things:

-If a bank says they won't release bonus money if you have previously had switch bonus in the last 3 years etc don't believe it, I have had switch money in these circumstances given to me so I suspect the system is not as watertight as they think.

-Do not switch to Co-Op. They are an absolute nightmare and I have had nothing but issues with them, diabolical customer service and wait times.

[Hustle_]

You can normally choose your switch date can't you? I just switched to Santander and set the switch date for Monday when all the regular transactions are over and done with.