how to switch current account to new bank.

At present I am with AIB. How easy is it to switch accounts to another bank. I have about 10 direct debits setup on this account. Do I need to contact each one individually or will the bank do it for me?

As far as I know the introduction of rules/procedures to ease the process of switching banks is imminent so if you can defer the transfer it may be worthwhile.

In the absence of new rules/procedures you need to open the new account and then time the cancellation of the old DDs (go into your branch and ask them to cancel them, they will most likely ask you to sign a form directing them to do so, and they will then cancel them on the computer), notify the payee in writing that you have cancelled the old DD, and then set up new DDs on the new account by sending a new DD mandate form to the payee. Be careful with certain DDs (in particular SSIA payments) in order to avoid problems with missed or duplicated payments (e.g. duplicate payments will jeopardise your SSIA if the cumulative amount exceeds the €254 per month limit). Once all payments have been moved you can close the old account.

thanks

how to switch current account to new bank

New procedures are in effect from 30 jan. Banks promising to have all your direct debits and standing orders cancelled from your old account and set up on the new account within ten days, with no set up charges. your old bank will reroute them to your new account if requested by the payee of the dd for the first couple of months.

See

changing banks

if you are changing banks its up to you to ring the companies etc. to change the dd's
the bank you are LEAVING does not care anymore so why would they spend time redirecting your dd's and s.o.'s they will send them back unpaid
why should a bank spend time looking after an account holder who is switching banks
The banks is not going to make money from this!!!!!!

Switching

Hi Tom - Did you check out details of new Code of Practice on switching banks (see link from Sueellen above)