Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Urgent - how long do banks transfer money from old to new account using the switch service?

5 replies

Goldenoats · 01/10/2024 11:30

I switched banks in April of this year.
Now a substantial payment has been accidentally made into my old closed account, however as it’s been switched using the switching service, I’m hoping it’ll re-direct automatically!
Does anyone have any knowledge of how long the payments are automatically redirected? I think it’s a year, but I’m just panicking because I don’t want to lose the money.

OP posts:
Ifailed · 01/10/2024 11:32

I switched recently but had a problem with my private pension provider who refused to believe who I was! In the first month my pension went to the old bank but was in my new bank the same day. HTH

SnaccidentsHappen · 01/10/2024 12:16

The switch guarantee with Lloyds is 3 yrs, not sure if the same guarantee covers all banks or if they each have their own guarantee

Pearl97 · 01/10/2024 12:17

If the account is closed it will transfer back to the account it was paid from.

FriendlyNeighbourhoodAccountant · 01/10/2024 12:18

Pearl97 · 01/10/2024 12:17

If the account is closed it will transfer back to the account it was paid from.

If using the switch guarantee this isn't true. The old bank forwards to your new bank for 2 years (?) I believe it is.

It's happened to me before, OP, and took a couple of days.

Goldenoats · 01/10/2024 12:41

That’s a relief, thank you. If it’s 2 years then I’m fine, as I only opened the account at Easter!

For some reason I thought it was automatic? But if it takes a few days that’s fine, it was just in my head I thought it was going to be instant.

OP posts:
New posts on this thread. Refresh page