If the right information is not available, procedures can often become a pending issue that lasts longer than we think at first. Sometimes this can lead to something truly delicate, especially when it comes to something as important as changing accounts from one bank to another.
The process of changing banks has a simple initial step, since it depends on the account holder, who must be in charge of notifying the new entity. In parallel, the bank to which the bank account is going to be transferred must initiate the procedures, which is done with the collaboration of the outgoing entity.
He tells it in detail: “Both entities must facilitate the transfer of the account in an agile and efficient manner, exchanging all the information that is necessary.” In addition, they will also have to exchange all the frequent operations of the client, such as payroll direct debit, scheduled periodic transfers…
Switching can be complicated if there is more than one account holder. When that happens, everyone must agree to proceed with the change and, once that consensus has been achieved, each of them must notify the new entity of their intention to transfer the account to their bank. It will also be at that time when the effective date of the desired transfer is communicated, which must be at least six business days after the new entity receives all the necessary information.
How much does it cost and how is the money transferred?
According to the , the process of changing banks must be free for both the client and the receiving bank, provided that the transfer takes place “between different payment service providers that operate in Spain, or within the same provider” .
In the transfer, the entity that the client wishes to leave will have to transfer the remaining balances in the account, discounting the amounts for debts due by the bank itself or those that are intended for payment. In those cases, the bank that we will leave will proceed to settle said debts and will transfer the remaining amount to the account of the new bank to which we will change.
What about small receipts
Although the change process, as explained above, seems to be somewhat automatic, it can be in the small details where it gets complicated. This is the case of smaller receipts, such as those from the gym, payments to SMEs or even fees or taxes. In these situations, they recommend the client to check personally if the direct debit has been carried out or not.
The reason is that for these smaller bills, it is sometimes required that the account holder himself make the transfer. For this reason, and for greater peace of mind, the safest option is to contact all the issuers of the receipts, notify them of the change of account and provide them with the new number.
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