The Current Account Switching Service
The Current Account
Switching Service
Our Current Account
Switch Service
A Game Changer for Deputies & Attorneys
Some Immediate Benefits of the Service
- Access to the funds in your client’s bank account in seven days
- You will assist clients quicker which is in their best interest
- Save clients money due to reduces administrative billing
- Reduce your non-recoverable costs from court costs office
- Pay urgent bills (care homes, care bills, utilities)
- Arrange shopping money for carers
- Set up a personal spending allowance for your client
- Consolidate your clients’ assets more quickly
- Obtain information about clients outgoing payments
- Have accurate information for welfare benefit applications
- Provide local authorities with statements for care assessments
- Settle your own firms outstanding fees more quickly
Our Current Account Switch Service
Our access to the Current Account Switch Service is the result of indepth project work between Zempler Bank, Pay.UK (the scheme manager), and Money Carer.
This significant investment now allows individuals (or their deputies or attorneys) to use this unique function within Monika to switch their existing current account to the new bank account opened on our platform with Zempler Bank within seven working days.
This is a true game-changer for the sector and specifically for deputies as it will enable them to access their clients’ funds, and more, within seven working days.
The key Stages of the seven-day switch process are detailed below:
- Listen to The Money Carer Podcast Episode 11 with John Dentry from Pay.UK (Product Owner – Current Account Switch Service) and Sean Tyrer – Money Carer CEO
Step One
The Current Account Switch Service is requested by the deputy or attorney and the switch date is agreed.
Step Two
All inbound payments (DWP benefits, private pensions etc) are automatically redirected from the old account to the new bank account opened.
Step Three
Any existing outbound standing orders or direct debits set up on the old account will automatically transfer to the new bank account opened in Monika.
Step Four
On day seven, the old current account will be closed and the entire balance will be transferred to the new bank account opened in Monika.
