Paper based switching service
thinkmoney offer a paper based switching service. There are two types of switching that you can choose from:
Full switch – with a full switch we will contact the companies to let them know your new account details for all incoming and outgoing payments (for example your salary, direct debits and standing orders). We will also transfer the balance of your old account to your new account and request closure of your old account.
Partial switch – if you prefer you can tell us which parts of the account switch you would like us to take care of for you. For example:
- If you want to move some or all of your payments (income, direct debits or standing orders) we can contact the companies to let them know your new account details
- You can keep your old account open, please remember to keep enough money in both of your accounts to cover your payments
Is my money still protected under the Financial Services Compensation Scheme (FSCS)?
Money you hold in your thinkmoney account is not protected under the Financial Services Compensation Scheme (FSCS). However, as thinkmoney is authorised and regulated by the FCA as an e-money institution, your money will continue to be protected and, unlike the FSCS, this protection is not limited to a certain amount.
Once your thinkmoney Managed Current Account is up and running you will need to:
- Tell us what type of switch you would like – full or partial
- Request to transfer some/all payments/payees and which date to cancel
- Request to transfer balance and on which date
- Request to close old a/c and on which date (would require transfer of old a/c credit balance also)
- Provide us with signed authorisation for all account holders to switch your account
- Give us the sort code and account number of your old account
- Choose the date you would like your account switched
- Advise the payments that you would like to switch
Please note - you cannot switch from a joint account to a sole account.
Once thinkmoney have received your authorisation and information we will contact your old bank or building society within two days to arrange the switch.
Your old bank or building society will then have five days to confirm the switching request and send us the full details of the payment arrangements on your old account.
thinkmoney will contact you to confirm the date you would like your account switched and the payments that you would like to have setup on your new account.
If you have a debit balance on your old account i.e. an overdraft you will need to make arrangements with your old bank or building society to repay it.
Within five days thinkmoney will set up the standing orders on your new account and ask your old bank to cancel the standing orders. We will contact the companies for your direct debits and incomes to let them know your new account details and ask them to update their records.
For a full switch, as per your instructions, your old bank will close your account and send the outstanding balance to your new account.
thinkmoney will contact you to confirm the balance transfer has been received and your account switch has been completed.