Changing banks

When you change your bank, any Direct Debits and/or Standing Orders you may have set up are automatically transferred without cancelling. unsecured loans

The transfer of Direct Debit and Standing Orders service was set up by the banking industry, in conjunction with Bacs. This service has made it easier for banks to manage the transfer of their customers Direct Debits and Standing bad credit loans Orders to a new bank account.

It is now hassle free and faster than ever before. When you open a new account all you need to do is authorise your new bank to manage the process on your behalf.

Different stages of the process

1. Request that the new bank manages the process of transferring the Direct Debits and Standing Orders on your behalf
2. Provide the new bank with the details of the old account and authorisation to act on your behalf in dealings with the old bank and the organisations collecting Direct Debits from your account 
3. Your new bank will contact your old bank to obtain details of all Direct Debits and Standing Orders held against your old account 
4. Your old bank will provide your new bank with a list of all Direct Debits and Standing Orders within three working days of receiving the request
5. On receipt of the list, your new bank will check with you to identify which Direct Debits and Standing Orders are to be set up on the new account 
6. The Standing Orders will be set up to commence paying on the agreed date 
7. The organisations collecting Direct Debits from your account will be advised of the new bank details to start making collections from 
8. The organisations collecting Direct Debits will amend their records and commence collections from the new account, as per the original Direct Debit Instruction 
9. The old bank will be advised of which Direct Debits and Standing Orders to cancel by the new bank.