How switching works
Payment details are requested from your old bank or building society.
Outgoing payment details are received from your old bank or building society.
Your payment arrangements from your old bank or building society are set up on your new account. If you’ve signed up for Paym with your previous bank or building society you will automatically be deregistered.
Your Direct Debits and standing orders have been successfully transferred from your old bank or building society. Your remaining balance from your old account is transferred over by midday and your account is ready for use. Your old bank will cancel your cards and close your old account.
Post Day 7
Payments into and out of your old account will be redirected. Payments going in such as your salary or pension are included in this, and every time the organisation making the payment will be advised of your new account details so they can update their records.