Upgrade to Current Account

(Max Walker) #41

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:

  1. You initiate a switch with the bank
  2. 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.
  3. 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 :grin:

(Greg Spinks) #43

Very good! :smiley: Would it go against any aesthetic rules to add a celebratory emoticon somewhere within the ‘Current Account Ready’ banner?

(Robin Joyson) #44

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.


@copierman See the discussion here:

(Hugh) #46

BACS have been getting very hot on companies that have been using that excuse recently!

(Patrick) #47

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.

(Hugh) #48

It’s pretty stable :slight_smile:


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)

(Jedihomer Townend) #50

Not, the plan is for the prepaid to be replaced completely by the CA



I love the graph on top of the screen showing the peaks and troughs of my spending - would it be possible to exclude certain types of spending from it e.g. rent & household bills? They are a recurring cost which will result in peaks at certain days every month, and I’d really like to see my actual “spending biorhythm” without the monthly fixed costs.

(Marta) #52

This will be achievable with “Pots” functionality. Have a look at that Sneak Preview and if you would like to add something to ideas, feel free to comment there. :smiley:


Hmm thanks, that’s a good work around for me with the pots.

I was going to suggest monzo for my young sister who doesn’t do great with money. Having a prepaid card for her with the app on both her phone and the parents would have been perfect. I guess it works just the same transferring cash into an account tho.

(Hugh) #54

Yeah. And at least with Monzo the app is at least easy to use, clear and works well. There isn’t a “precedent” to getting your balance


Yah, need those conversions. :heavy_dollar_sign::moneybag::heavy_dollar_sign:

(Keary Birch) #56

I like it a lot. The graph is great. I particularly like the Lovecraft reference.


(Rumee Ahmed) #57

Unpopular opinion: I really don’t miss the graph. The feed looks so much cleaner without it. It is useful but when it took up more space it was definitely worse.

(Richard) #58

Loving the idea of this account

(Dean Meehan) #59

If you have an account with PayPal, they allow you to topup your PayPal account with monzo and bank transfer it to the new monzo account…

(James Murray-Ferris) #60

I don’t miss it all that much either! It’s certainly reduced the top bar which is a good thing