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Switching Current Accounts - Unforeseen Pitfalls?

  • 12-10-2019 9:51am
    #1
    FionnK86
    Registered Users, Registered Users 2 Posts: 1,214 ✭✭✭


    I've BOI A/C but want to switch to AIB for mobile pay. I'm currently using 365 monthly saver & current, but want to move both.

    Apart from getting onto work for Bank A/C switch, from experience, has anyone found any unforeseen pitfalls of switching accounts?

    For example, if a payee sends money to my account where will the money go?

    Can direct debits be instructed to take from my other account?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    The Switching Code should mean that all your outbound transfers, will switch across.

    You will need to inform all your inbound transfer parties, of your new details.

    The risks of the switch is that something will go astray. Leave your old account open until such time as you are confident that all inbounds and outbounds have moved across.


  • #3
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,799 ✭✭✭Delta2113


    I used switching code to move from BOI to PTSB years ago. It was great not having to contact BOI at all and my final credit balance from BOI was transferred over to my PTSB account.

    No way would I pay minimum €20 per year to BOI.


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