Current account switch service
From September 2013, the UK Payments Council is introducing a Current Account Switch Service.
What does this mean?
The new transaction confirmation service provides additional security through an automated call to you using a phone number you have registered with us on which you can be contacted at the time of the transaction.
The banks and building societies participating in the Service will transfer any payment instruction information, such as Direct Debits and Standing Orders, to the 'new' bank account. In addition, any payments that are sent to the 'old' bank account will be automatically forwarded to the 'new' bank account, and at the same time the provider that sent the payment will be notified that it has been redirected to the 'new' bank account.
How could this affect me?
From September 2013, if you send a payment from your account with Yorkshire Building Society, and we are notified by the Service that the beneficiary of the payment has switched their account using the Service, we will process the payment redirection information, update your payment records with the new bank account details, and advise you of the amendments made. Your payment will be automatically redirected to the 'new' bank account.