Making The Change to a Current Account

We’ve tried to make the upgrade as quick and seamless as possible, and I think we’ve achieved that!

As for the Current Account Switch Service, we don’t offer it yet but we’re hoping to as soon as we possibly can. It’s quite a bit of work, but we’ll update everyone when we have an idea of a release date :slightly_smiling_face:

For now, you can either set up your direct debits/standing orders manually, or if you like, you can wait until we implement CASS and move everything over at that point! There’s no need to do it right away - you can use CASS at any time.

Much like yourself, @SkeltonTom, I don’t have too many direct debits so I found it really easy to go and set things up. Getting your salary paid in can of course vary in difficulty depending on your employer, but you’ll just need to give them your new details and hopefully they can quickly update it for you :sweat_smile:

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That’s great.

My worry is, if I decide to make the change and started to change the direct debits over, and then say 4/5 went through okay but the 5th company didn’t accept my Monzo, then what would I do? If I’d already transferred the other across.

Some companies also do charge admin fees for changing your bank details, correct?

If one hasn’t been set up by the day its due, you can transfer money back to your old account instantly using Faster Payments.

I’ve never been with a company that charged for changing a direct debit. Some may I guess? But it’s frowned upon to make things more difficult for customers to pay their bills.

Okay, my worry is that some companies won’t accept me to use Monzo? As I’ve seen people mention on here that they got rejected when attempting to change to Monzo.

Some companies didn’t recognise the Monzo sort code because they only updated their databases irregularly, but as time goes on these are becoming fewer and further between. There’s a list on this post which anyone can edit and update:

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A lot of that was sorted in the preview phase - by now all companies banking should should be updated in accordance with the BACs agreements… so you should have minimal problems

I’ve never had that problem before but can’t say that it’s impossible! At the end of the day, a Merchant shouldn’t stop you from giving them money, you would think!

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If this does happen you could maybe leave/transfer some money to your other account in the interim? I did this the first month as it took me a while to update Specsavers (they didn’t have a problem with Monzo just insisted I go in in person to sign a mandate…) I know there are still a few issues but they’re fairly few and far between now. I didn’t have problems with my direct debits and have never had my card refused :slight_smile:

Heh… as if companies that haven’t updated their databases are going to get any better :stuck_out_tongue: I wonder if some of them ever update them.

The TV Licensing fiasco was only very recent and it’s not 100% certain it’s dealt with yet…

My wife is in an ongoing conversation with the gym. Apparently she got someone to admit their databases were out of date the other day, but forgot to take the name of the person she spoke to. Next day, back to square one ‘it must be a problem with your bank’, etc.

Your Direct Debits don’t all need to come from one account. I have three current accounts with Direct Debits setup against them.

I’ve never heard of a company charging for Direct Debit. Usually they pay you to use it. It’s cheaper for them than other options.

Don’t feel like you have to, but you could list the companies you have direct debits with and then see if anyone here has encountered problems with them. Could be worth a shot?

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Yeah sure…

Apple Barclays Finance
Three (phone company)
Zebra Finance
Harlands
iTunes

Really tempted to make the change, just not sure whether it’s a risk?

I had my salary paid into the Monzo current account, today.

I panicked, because I was getting all these “server problems” notifications within the app, and by 10:20hrs this morning, I still hadn’t been paid…

But the error notifications were just an issue with the Android app - not the bank itself. And none of my colleagues had been paid either - our Payroll at work had screwed-up something! We all got paid at around 10:30hrs this morning.

I haven’t yet cancelled the existing Direct Debits and Standing Orders with my old bank (Virgin Money).

All my outgoings are scheduled to go out on the first of each month, although I always get paid on the last day of each month.

I just wired enough money to cover my scheduled payments, from the Monzo app to my old bank, as soon as I got paid.

I’ll start to change all my Direct Debits & Standing Orders tomorrow.

I didn’t want to do both processes all at once, in case my employer’s payroll messed-up.

I figured that I’d wait and see if my salary got paid in correctly, and if it did, I’d then wire funds to my old current account accordingly. If my employer had a problem with paying via BACS to Monzo, I assumed they’d just default to my old bank details and the Direct Debits & Standing Orders are still active there anyhow.

It’s all good. I’ve had no issues, except for one contactless terminal at Sainsbury’s. In the end, I just shoved the card into the reader and entered my pin. It was fine.

Android Pay with my phone works fine. It’s all worked perfectly. Can’t wait to swap over all my scheduled payments for next month, now. :smiley:

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@SkeltonTom My iTunes and Three went across ok :+1: I moved my DD & SO across gradually and left my salary till last.

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I know that’s on the list and a few people have mentioned having issues, but I think someone has said if you call them they can update it, it just doesn’t work online at the moment.

I had to call Barclays to update, but it went through ok and the first payment came out last month.

I took out the iPhone upgrade programme on my iPhone X using my Monzo account and it went through fine.

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Might be handy if you can strike it out on the Wiki so other users know?

Interesting. Tempted to do it, just not sure :thinking:

Nice one, cheers mate