Hi, I’m new here.
I’ve activated my Monzo card and really thinking to switch from Barclays.
The only reason I still haven’t done it yet is because I got so many direct debit set up and also my mortgage and my loan.
Does everything gets change when you switch to Monzo or I have to let my bank know about it?
Monzo will contact your bank to move all DDs. But its better to switch important (mortgage, loan) payments manually to be 100% sure
Direct debits are moved over and are covered by the switching guarantee, so you should never be out of pocket if there are any problems.
They won’t get switched - only your current account can be switched.
For a current account switch, you start the switch with the bank you are switching to (Monzo) and they handle the whole process.
If you have an overdraft with Barclays and are using it, you may have to pay that off first. Otherwise, switching all happens in the background, once you’ve requested it.
What you mean? Your salary will be redirected to your new bank for 3 years?
Your salary would be redirected, yes. It’s probably better though to let your employer know your new bank details
I do not have an overdraft with Barclays, but I do have a loan, a car finance and all my direct debits.
My main concern is the mortgage, last time I’ve try to contact the bank for the mortgage I was on hold for 45 minutes
Unfortunately, current account switching won’t help you and Monzo don’t do mortgages anyway. If you want to move your mortgage, that’s a whole different conversation…
I already have a mortgage, my main concern is if the direct debit for the mortgage will switch over.
Yes, switching direct debits is a core part of the current account switching process
I was trying to switch business accounts, but I’m guessing all past transaction history would not be bought across with the switching service?