Can anyone tell me a way I can transfer my direct debits / standing orders to another bank,?

Question

Can anyone tell me how to change my direct debits from one bank to another (I have 2 bank accounts, and wish to move all my ddebits / standing orders from one to the other, I keep receiving misleading information, ie fill in a mandate for each one, contact the bank you wish to move from,

Answer 1

I've done this quite a few times. The bank that you are moving to should do the work for you. You may need to request a form from them. If they don't offer this service and start telling you that you need to fill in individual mandates don't move to that bank. The bank that you are moving to will contact the bank that you are moving from, to request details of the mandates. These details include things that one bank will only normally release to another, so it needs to be done bank to bank. I have only dealt with Direct Debits. Standing Orders may be different. However, you can normally set up Standing Orders on line anyway, once you get your new bank account open.

Answer 2

Hi - the process for transferring Standing Orders and Direct Debits is different, and it's important that you understand what you need to do for each so that you are not at fault if any transactions are taken after you have moved them from one bank to another.

In the case of standing orders, you must give your current bank an instruction to cancel your standing orders. This is because a standing order (SO) is a 'push' transaction - that is to say that your bank pushes the funds you have set to another organisation on a set date, so your bank is actually responsible for moving the funds.

For most financial institutions, you will need to give at least 5 working days notice to cancel a standing order before the next one is due to go out.

In the case of a direct debit (DD), you need to contact the firm that your direct debit relates to - for example if it is for an Orange mobile phone bill, you need to contact Orange, rather than your bank. This is because a direct debit is a 'pull' transaction - that is to say that Orange pull the funds from your bank account on the date that you have set, and it is therefore Orange that control the transaction.

Direct Debits are 'pre authorised' 5 days before the funds actually moved - in other words Orange sets up the transaction 5 days before it actually goes through. As a result, you need to give more than 5 working days advance notice to cancel a direct debit.

Do NOT rely on the bank your are moving to to cancel your standing orders or direct debits - ultimately it is your responsibility and you may end up paying twice if you don't cancel the transactions yourself.

Answer 3

First ask the bank you want to change to if they can do it for you. Sometimes they will if they think theyre going to get more business from you.
Failing that you will have to cancel them all at your existing bank and fill in a new mandate for each one for the new account. You will have to allow that you might have to make a payment in cash because it can take a couple of weeks for a new mandate to be set up

Answer 4

Tell the bank you want to have all the DD/SO taken from and they will usually do the switch for you.

Don't close other account down completely in case you have a quarterly DD/SO which may come out - you may be charged otherwise.

Answer 5

Usually your new bank will set it up for you. Just go to one of the loan officers and ask him/her.

Answer 6

yes the new bank you intend to go with should do it all for you //if not give them a miss