Today was the day I decided to switch my direct debits over to Monzo and take another step towards a complete switch over.
Within a couple of hours Monzo had responded and provided a list of Direct Debits to select to transfer over. Once completed I feel a prompt from Monzo to automatically setup a standing order to cover those Direct Debits would be of benefit.
With all the talk about going that extra mile for the customer this would go towards making sure people pay the direct debits and donât incur charges.
I imagine the thinking is that if youâve moved the debits over then you know you need money to cover it.
And the people who get their wages paid in donât need to set up a standing order to cover them
Be careful with the partial switch, it tells the companies to change your details and cancel with your old bank, but there is no redirect if they donât bother changing the details on their systems
Slightly different way, Monzo could prompt to set up a direct debit to take the money from your old account to your monzo account to cover the payments?
So, I also decided that itâs time to move. Iâve initiated a partial switch, as I want to keep my old current account as a backup.
I have selected all the payments that I want to move and my feed was instantly flooded with Direct Debit setup notifications. All good.
However, I have noted the following and I am a bit confused as to what happens next:
the âin progressâ item for the switch in the feed is still present, like the switch is pending
the Direct Debits setup have slightly different reference numbers. Usually, missing some characters at the end. So for example a DD with Bulb is missing the â-BULBâ at the end, and another one with EE is missing a few numbers.
Direct Debits and Standing Orders have not been deleted in my old current account
Standing Orders appear to be correct and active, so I think I should delete them from my old current account. Especially the rent that is coming up and is quite the paymentâŚ
companies that I have set up Direct Debits with and I have selected to move over to Monzo still display the old details. I wonder if I need to let them knowâŚ
Itâs a bit strange, because I canât find information for the above anywhere else.
Partial Switch doesnât use a lot of the functionality of the Full Switch service so you may see quirks. With the partial switch youâre relying on the merchant to update the direct debit details.
See the below post which might help explain the issues better:
Thatâs useful to know. Thanks @glasgow. It does answer some of my questions, but not all.
Additionally, it would be nice if we have any time frames for full completion of such switches.
How do I set up a partial switch? I canât seem to find any option in the app to do this.
Under my profile there is a setting entitled âSwitch to Monzoâ. If I tap on that I get an info screen with only two options âCancelâ or âContinueâ. If I click on âContinueâ I get to another info screen. Again, the options are âCancelâ or âContinueâ. If I then click on âContinueâ I get to a screen where the options are â<â, âLearn moreâ or âStart Full Switchâ.
Iâm not sure that you can at the moment. There have been some issues with them I think and as theyâre not guaranteed in any way I suspect Monzo may have stepped away from offering them.
Weâve decided to only offer full current account switches now.
We previously offered partial switches but these occasionally proved to be unreliable for our customers. With partial switches there is a reliance on merchants to update the payment details before Direct Debits are taken, occasionally they did not do so which meant some customers had unpaid Direct Debits through no fault of their own, and got charged fees for these.
You can still make a full account switch, this will move all your money and payments to Monzo, and close down your old account in 7 days. Full switches are much more reliable as payments are centrally redirected, and youâre also covered by the Current Account Switch Service Guarantee so if anything does go wrong you wonât be liable for missed payments.
If you donât wish to switch your whole account, weâd recommend manually moving individual payments instead. You can do so by contacting each merchant for Direct Debits or by visiting the Payments tab for standing orders.
Yes, it was my NW mortgage that gave me the most panic when I did it, partly the size of it (and so potential impact of a mistake) and partly the conversation where the person on the other end was explaining that sheâd never done this beforeâŚ
Luckily I left money in the Nationwide account because I half expected someone to mess up somewhere - I didnât expect it to be the 1 bank I needed to call
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