Does that mean all transaction history will merge?
The Current Account Switching Service (CASS) is on the roadmap, and it’s on the same timeframe as the full launch. However I’m sure it was mentioned somewhere it wasn’t going to be there at the very start. Of course this could all change.
I concur. Have already voiced elsewhere on this forum but I’d love if histories remained separate so reiterating here.
I struggle to see how they could do that with one app. Obviously there could be multi-account support introduced but that isn’t on any roadmap I’ve seen.
I personally don’t care too much about the prepaid card history so I wouldn’t worry too much if it went completely.
In case anyone’s missed this, the discussion about the transfer of the prepaid transaction histories has been had here -
plenty of users have shared the fact that they are / aren’t in favour of having their prepaid history transferred to the current account so it’s hard to see how more posts about this now, will make the team more likely to answer the question.
Can we open an account within the prepaid app via the process above but also perform a CASS?
Don’t know how its gonna be with Monzo but with other banks the switching happens in the following order:
a) Open new account
b) Apply for switch with new bank
c) Switch happens
So I’d guess that you’d be fine to do that
Was quite happy to switch all the stuff myself when moving everything over to the preview CA… at least I knew it was all done and I had time to work on the companies that didn’t accept the Monzo sort code.
16 Direct Debits, 5 Standing Orders, 2 Direct Credits, 3 Recurring card payments switched in about 2 hours.
What’s the expected behaviour with CASS if the company doesn’t accept the new sort code? How do they notify you that it has failed?
I did wonder this myself. I wonder if there has to be more then a set percentage acceptance before you can join the scheme, and that’s why it’s currently not supported.
Just my best guess.
It’s an interesting one, I’d hope by the time we get to full CASS integration that everybody has monzo in their system. Interestingly when you switch they also ask for your old account card number, I’m not sure if this is just for security or its technical as well. Maybe a monzonaut with knowledge of the scheme will clarify
Update: Just been checking out my other bank, there seems to be some CASS guarantee operated by the scheme
So a full update: I’ve been reading the advice to companies using direct debits (https://www.bacs.co.uk/Resources/Pages/FAQs.aspx).
Essentially it seems to work like this:
- You initiate a switch with the bank
- There is a thing called ADDACS (Automated Direct Debit Amendment and Cancellation Service) which basically lets banks send all your direct debit holders a pre-defined message with changes to your bank details.
- The onus is on the company taking the money (direct debit holder) to change your sort code.
Now what happens next depends how long til the next payment:
a) If they have already prepared their big batch of payment requests for the next payment round, they are advised to leave it with your old account and update the details on their system to be used next time.
b) If not they are advised to update it so the next round takes out of your new account.
If we get to option a and they attempt to take it from your newly closed account, a thing called the central redirection service will come into play and redirect to take payment from your new bank account.
Soooo I’m guessing that if they can’t do the update they will contact you and leave the bank details as they were until they have resolved their discussions with you, in the mean time instead of being redirected on their end the central redirection service will take it from your monzo account anyway with the request being forwarded from your old bank.
In any case you’d be protected by the CASS and direct debit guarantee
Further Update About ADDACS
According to https://www.bacs.co.uk/services/bacsschemes/directdebit/services/pages/addacs.aspx
"It is important however that you act on the advices contained in the reports in a timely manner. This means that you will remain compliant in accordance with the Direct Debit Scheme Rules" and “Action on the information contained in ADDACS advices must be taken within 3 working days of the advice being made available”
This to me would definitely seem to suggest that it is very much their problem and not yours if they can’t act on one of these requests and may be in breach of scheme rules. If they can’t act on the instruction to update your account within three days, I suspect excuses about monzo not being a proper bank etc won’t fly if theyve not updated their sort code repository.
Thanks for the detailed reply, very helpful and interesting.
Good to know the onus is on them and us with our Twitter accounts
Very good! Would it go against any aesthetic rules to add a celebratory emoticon somewhere within the ‘Current Account Ready’ banner?
Hi when the accounts rollover & the pre-paid cards stop being used will the new current account card work the same as the pre-paid card when used abroad in respect of bank charges on transaction, also the team are doing a great job.
BACS have been getting very hot on companies that have been using that excuse recently!
Been thinking about maybe testing Monzo as my main account (with a back-up) - but can’t be arsed phoning payroll again to get it sorted if the online portal fails to accept the sort code.
I’ve recently been using Starling and had to get them to manually check and add it. Hopefully they updated their whole database meaning that might have fixed it for Monzo too.
It’s pretty stable
Might be a dumb question. If I wanted a current account and a prepaid card, possible or not? (I like to segment my cash into different accounts for different things, helps with expenses too)