And, the good news is that, following changes implemented by 18 banks and building societies across the industry in January 2018, the process of opening a business account has now been simplifi ed. Led by UK Finance, the industry body which represents banking organisations in the UK, the move means that you will know exactly what documentation you will need in order to open an account. There will be no nasty surprises.
Once your new account is open, the switching service will swing into action and, within seven working days, all your old account activities, including all your payments in and out, Direct Debits and standing orders, will be seamlessly switched to your new account. You can even nominate which day of the month you would like your new account to be fully operational.
Importantly, any payments sent to your old account by mistake will be automatically redirected to your new one, indefi nitely if required, giving businesses confi dence that none of their regular payments will be adversely affected because of a switch. And, if any payment is made using the old account number and sort code, the payer will receive a message notifying them of your new details.
You will need to have fewer than 50 employees and have an annual turnover of less than £6.5 million. If your business meets these criteria, the rest is plain sailing.
Until the switch is completed all the services you have enjoyed on your old account will remain unaffected and there will be no interruption in banking provision.
So confi dent is the Current Account Switch Service that the transition from the old to the new account will be seamless that it comes with a guarantee. This means that, in the unlikely event of any issues, your new bank or building society will put it right – and that is guaranteed.
Bacs’ Director of Product and Strategy, Anne Pieckielon, said: “We have worked tirelessly since the Current Account Switch Service fi rst launched, to put SMEs and consumers at the heart of everything the service is meant to be. Only by doing this can we truly offer a service which delivers the best outcomes for all and, thanks to these efforts, it is seen as an example of best practice by those here in the UK and overseas.
“To help us in achieving this, we have commissioned extensive research – and will continue with this programme going forward, so that we can further understand the needs of SMEs and make sure their requirements are embedded into everything we do. We have also worked collaboratively across the industry, using our unique position and experience as a catalyst for change and the Current Account Switch Service is a shining example of this.”
FOLLOWING CHANGES IMPLEMENTED BY 18 BANKS AND BUILDING SOCIETIES ACROSS THE INDUSTRY IN JANUARY 2018, THE PROCESS OF OPENING A BUSINESS ACCOUNT HAS NOW BEEN SIMPLIFIED.
WHO RUNS THE CURRENT ACCOUNT SWITCH SERVICE?
One question that sometimes crops up is: ‘Which organisation is behind the Current Account Switch Service?’
Well, it may surprise you to learn that the switching service is owned and managed by one of the most trusted brands in the UK’s fi nancial services sector – Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK.
As nine out of ten of the population having at least one Direct Debit commitment, and with 90 per cent of the UK’s workforce paid by Bacs Direct Credit, it is hardly surprising that they should be the custodian of the switch service.
Although nearly 50 banks and building societies have signed-up to offer the service to their customers, it is managed impartially by Bacs to ensure that the needs of consumers and SMEs are put at the centre of decisions relating to its day-to-day operation.
As a small business owner there are many things which might keep you up at night but, thanks to the ease and reliability of the Current Account Switch Service, moving your business account needn’t be one of them.
currentaccountswitch.co.uk/business
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