The Current Account Switch Service (CASS)

Lloyds Banking Group essentially not following the rules then. One of the central points of CASS is that payments in are redirected.

Itā€™s a bit like RBS not following the Paym protocol. Instead of using the central Paym phone number database, it recognises if a number is also associated with an RBS Group app and credits that account automatically, instead of the account specified through Paym.

Legacy banks, eh?

Question (not hypothetical - it matters to me) :face_with_raised_eyebrow:

Is the perfect CASS one where everything comes over - income + regular payments, or would it be where you bring over your salary but leave the DDs and SOs behind?

Depends on what you mean by perfect. The organisation which runs CASS (Bacs) would be upset if I initiated a full switch and it only brought over my salary, as thatā€™s not how the system is designed.

If you mean what would :monzo: Monzo prefer, then I guess theyā€™d like everything credited and debited from Monzo, so they get the fullest view of your financial life.

In my situation, Iā€™m about to get my salary credited to Monzo, delayed until after my remortgage (paper statements required, donā€™t get me started!) but Iā€™m loathe to bring all my DDs. Five of my DDs originate at NatWest and two (including my mortgage) originate at Barclays ā€“ because of these banksā€™ respective rewards programmes I currently gross over Ā£200 per year simply for allowing them the heavy lifting of paying my bills. Instead of Monzo seeing seven debits, it will just see two transfers per month out to two different banks and I just have to make sure Iā€™m on top of the amounts (something I do anyway because thatā€™s how I was brought up with money)

We can argue semantics about how #FullMonzo Iā€™m being but Iā€™d say that free money is the result of the perfect switch for my circumstances.

1 Like

Yes I was thinking more from Monzoā€™s perspective.

I was wondering, purely from a cost viewpoint, if thereā€™s a tipping point where the cost of processing payments might outweigh the benefit of having the salary paid in.

Yes but thatā€™s the cost of providing a bank account. No one started a bank hoping not to process too many DDs.

I think the value of the data of who you pay, and how much, is worth so much more in the Marketplace model.

This should answer your question :slight_smile:

Weā€™re talking pennies per time though I believe.

Totally agree, this is where the magic happens.

It does, Jack, thanks. :slightly_smiling_face:

1 Like

My transfer has completed today but my old bank account is still open. Will it close automatically?

Was it a full switch you did?

Full switch.

Then, yes, as long as they follow the rules!

I got a letter to say it was going to close and to check I had requested it. Maybe it takes a while after the transfer is finished.

Were you in debit balance (overdraft) or have any outstanding charges? If yes to those then they may not close your account until they are settled

Iā€™ve had it take a few days before the account disappears from my online banking before

The account closure part of the CASS does not have to take place within the seven day guaranteed time frame, as that is the target for your new account to be fully up and running.

The ā€˜losingā€™ bank/building society can sometimes take a couple of days to complete the closure, in their own time. It will close, however, unless thereā€™s an administration error, or you owe the company money.

2 Likes

You are right. Thereā€™s Ā£1 pending from an Audible trial I took out a few days. Should disappear in a day or too. It was just a check they made.

2 Likes

Well my main lloyds account has closed this morning but there was a Ā£1 amount that was pending that should have come back to me in a few days. Oh well guess I have lost that now. Luckily itā€™s wasnā€™t a larger amount the audible app used to test my account out for the trial.

It should automatically go into your Monzo account, unless it was a card refund (which thinking about it, it will be).
They might get in touch with you if they canā€™t do the refund

Can you CASS from Monese?