Just sent an FP from Starling to one of my existing payees and it looks like they’ve CASSed away from that account. The payment went through OK and then I noticed that the sort code and account number had been automatically updated in the stored payee. I’ve never noticed this before and think it’s rather cool
Is this just a Starling (or FinTech) thing, or do older banks do this, too?
What happens to payments that people send to my old account?
The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.
I knew that payments were forwarded on, but I’ve never noticed details being automatically updated following a notification from the receiving bank. Good stuff!