I am changing my bank account from natwest to lloyds tsb. BUT i have a standing order with natwest.?

Question

will i need to cancel my standing order

Answer 1

Yes and set a new one with Lloyds.  If it is a Direct Debit then you need to inform the person /company it is paid of the new bank details

Answer 2

Depending upon the bank and the account, most banks and building societies can arrange for standing orders and direct debits to be transferred across saving the customer the time and worry. If this is not the case, most providers should be able to take new bank account details over the telephone.

Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances.  To find and IFA please call 0800 085 3250 or go to http://www.unbiased.co.uk.

Answer 3

if lloyds/tsb want your business their new accounts people will transfer any standing orders/firect debits for you if not you will have to cancel it and set up new (but if they wont doit for you i would question howgood the service will be later)

Answer 4

yes, just change it over asap so you won't miss a month and incur late payment charges