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Why is the Family Building Society’s account number and sort code changing?

Will ring-fencing affect me as a Family Building Society customer?

What do I have to do?



Our new bank account details 

What payment methods are affected by these changes?



I pay into my Family Building Society account(s) via standing order(s)



I pay into my Family Building Society account(s) via BACS; CHAPS, through internet banking or via Faster Payments



I pay into my Family Building Society account(s) via direct debit


I have a mortgage with you. Do I need to make any changes?


I want to make an overpayment on my mortgage. How do I do that?


I have a direct debit paying into my Family Building Society savings account, what do I need to do?


I use Faster Payments and think my bank has swapped the Family Building Society details automatically?


I use BACS or CHAPS and think my bank has swapped the Family Building Society details automatically?


What happens if I make a payment to the old account details?

I have a monthly saver account with the Family Building Society, how do I amend your bank details on my payment?

Will my Family Building Society payee reference number be changing too?

What reference should I put on my standing order; BACS; CHAPS or Faster Payment?

 

Are my own savings/mortgage account numbers changing?


I have a standing order set up from my bank to pay into my Family Building Society account(s): do I need to change this?


I regularly transfer money to my Family Building Society account online: will my internet banking be affected?

 

I’m going to use internet banking to transfer money to my Family Building Society account(s) for the first time. What Family Building Society account details should I use? 

 

I use internet banking frequently to transfer money into my Family Building Society account(s). Should I change the Family Building Society account details manually online or will these change automatically?

If I send money to your existing account details by mistake, will it delay my payment so I would lose out on interest?

 

If somebody pays into my savings account using the old account by mistake, will you be able to redirect the money into my account or would you have to return the funds to them to re-send?

 


I have been given a brochure/application form/leaflet which still shows the old account information.


Have a question?


Why is the Family Building Society’s account number and sort code changing?
You may have already heard that following the 2008 financial crisis, the UK government put reforms into place for banks to separate corporate and private customers. This is known as ‘ring-fencing’. This means our sort code and account numbers are changing because, as a financial institution, our clearing bank needs to move the Family Building Society to their corporate division. As a result, we have been issued with a new account number and sort code.

Will ring-fencing affect me as a Family Building Society customer?
It is highly unlikely that this will have any impact on any of the accounts you hold with the Family Building Society.

What do I have to do?
This depends upon the bank or building society you use and the method by which you use to pay into your Family Building Society account(s). 

If you make payments to your Family Building Society account(s) via direct debit, you do not need to make any changes as direct debits should redirect automatically. However, if you are unsure and wish to check, we recommend contacting your bank or building society to check that any direct debits paid into your Family Building Society account(s) have been or will be redirected using the new Family Building Society account details (sort code: 40-02-50 and account number: 21397400).

If you use a standing order to make payments to your Family Building Society account(s), you may need to change the existing Family Building Society account number and sort code by contacting your bank or building society. We recommend that you contact your bank or building society directly to check whether the Family Building Society account details will be redirected automatically or not. If not, you will need to notify your bank or building society about the new account details.

If you use Faster Payments; BACS; CHAPS and/or transfer money online from your bank account into your Family Building Society account(s), it is likely that your bank or building society will automatically redirect payments using the new Family Building Society account details. This does depend upon the bank or building society, so If you are unsure whether they will automatically redirect the payments to the new Family Building Society account details, we recommend contacting them directly to check.

What is the deadline for changing the Family Building Society account details?
Whilst we will be able to accept payments using the existing account well into 2018, these will need to be changed by 1 January 2019. That’s why we recommend you contact your bank or building society to update the payment details you use to send payments to us at you earliest convenience.

Our new bank account details are:
Sort code: 40-02-50 and account number: 21397400

What payment methods might be affected by these changes?
These changes might be affected if you use one or more of the following options to pay into your Family Building Society savings account(s):
(i) Standing order 
(ii) BACS
(iii) CHAPS
(iv) Internet banking/online transfer
(v) Faster Payments

I pay into my Family Building Society account(s) via standing order(s)
If you pay into your Family Building Society account(s) using standing order(s), it is likely that you will need to change the Family Building Society account details by contacting your bank or building society and notifying them of this change. It may be the case that your bank or building society has automatically redirected the payment via  the new Family Building Society account details or is planning to. However, we recommend you contact your bank or building society directly for further information.

I pay into my Family Building Society account(s) via BACS; CHAPS; through internet banking/online transfer or via Faster Payments
If you pay into your Family Building Society account(s) using BACS; CHAPS; through internet banking/online transfer or via Faster Payments, it is likely (if they haven't done so already) that your bank or building society will automatically redirect your payments via the new Family Building Society account details (sort code: 40-02-50 and account number: 21397400). This is entirely normal and you do not need to take any further action if this is the case.

If you are unsure whether your bank or building society have redirected the payments to the new Family Building Society account details or are planning to do so, we recommend contacting them directly to check as this varies according to the bank and building society.

I pay into my Family Building Society account(s) via direct debit
Your payment should automatically redirect to the new Family Building Society account details.

I have a mortgage with you-will I need to make any changes? 
It depends upon the bank or building society from which you transfer payments and the method of payment you use: 

If you use a direct debit you do not need to take any action – your payment will be redirected to Family Building Society automatically.

If you use a standing order for your Family Building Society mortgage, you may need to contact your bank or building society to change to the new Family Building Society account details.

If you use BACS; CHAPS; internet banking/online transfer or Faster Payments it is likely your bank or building society will automatically redirect payments to the new Family Building Society account details if they have not done so already. If you're unsure we recommend that you contact the bank or building society from which you transfer payments into your Family Building Society account(s) for further information.

I want to make an overpayment on my mortgage. How do I do that?
If you would like to make overpayments on your mortgage as a separate arrangement to your existing direct debit, you will need use the new account details above.

I have a direct debit paying into my Family Building Society savings account, what do I need to do?
If you have a direct debit being paid into your Family Building Society account, you do not need to take any action as payments made via this method will be automatically redirected to the correct account.

I use Faster Payments and think my bank has swapped the Family Building Society details automatically?
Some banking providers may have redirected your Faster Payment to the Family Building Society new account details automatically. You may also see, when using internet banking, that the Family Building Society account number has changed to the new details, which are sort code, 40-02-50 and account number 21397400. This is entirely normal and you do not need to make any further amendments to your payment instructions.

I use BACS or CHAPS and think my bank has swapped the Family Building Society details automatically?
It is likely that banks and building societies will swap the Family Building Society payment details automatically. This is entirely normal and you do not need to make any further amendments to your payment instructions. If you have any questions or are unsure about whether your bank or building society has swapped to the new Family Building Society account details, or is planning to do so, we recommend that you contact them directly as this varies according to the bank or building society.

What happens if I make a payment to the old account details?
Until 1 January 2019 all payments will be automatically redirected to the correct account number and sort code. After this date, this will stop so we recommend that any standing orders, online transfers and Faster Payments are changed at your earliest convenience.

I have a monthly saver account with the Family Building Society, how do I amend your bank details on my payment?
If you make payments by direct debit you are not required to make any changes. If you make payments by standing order you may need to contact your bank or building society who make the payment on your behalf, and request that they use our new bank sort code and account numbers. If you make payment via BACS; CHAPS; online transfer or Faster Payments, please click here.

Will my Family Building Society payee reference number be changing too?
No. Your payee reference number will remain as before. The 10 digit number for savings accounts begins with a 2 or 5 for a mortgage account.

What reference should I put on my standing order; BACS; CHAPS or Faster Payment?
You should only use your Family Building Society payee’s reference number. This 10 digit number begins with a 2 for a savings account or 5 for a mortgage account. You do not need to include any other reference.

Are my own savings/mortgage account numbers changing?
No. Your own account numbers for both savings and mortgages will stay the same.

I have a standing order set up from my bank to pay into my Family Building Society account(s): do I need to change this?
Yes, you will need to amend the receiving bank sort code and account number by 1 January 2019. After that date, this will stop so we recommend that any standing orders are changed at your earliest convenience.

I regularly transfer money to my Family Building Society account online: will my internet banking be affected?
It is possible when using internet banking that you will see the new account number displayed. Some banks may automatically change to the new Family Building Society account details, whilst others may not. If you are not sure, we recommend that you contact your bank or building society to find out.

I’m going to use internet banking to transfer money to my Family Building Society account(s) for the first time. What Family Building Society account details should I use?
If you are using internet banking to send funds to an account you hold with the Family Building Society for the first time you should use the new account details.

I use internet banking frequently to transfer money into my Family Building Society account(s). Should I change the Family Building Society account details manually online or will these change automatically?
This will depend on your banking provider. You can change the Family Building Society account details by logging into your internet banking account and changing the outgoing payment details to the new sort code and account number. Alternatively, you can contact your banking provider directly for more information. Some banking institutions will automatically redirect payments to the new Family Building Society account number and sort code.

If I send money to your existing account details by mistake, will it delay my payment so I would lose out on interest?
You will not lose out on interest should you make a payment to the old account, unless it is after 1 January 2019 when the payment will not be able to be processed.

If somebody pays into my savings account using the old account by mistake, will you be able to redirect the money into my account or would you have to return the funds to them to re-send?
Any payment made to our old bank account and sort code will automatically redirect to the correct account until 1 January 2019.  After this time any payments into the old account details will not be processed and will be returned to their bank or building society account.

I have been given a brochure/application form/leaflet which still shows the old account information.
We will be phasing in the new sort code (40-02-50) and account number (21397400) across all our printed and online materials during 2018. For the time being, you may come across the existing account details.

Have a question?
If you have any questions, please let us know by contacting us at:

Family Service Team (Savings)
Tel: 03330 140144
Email: savings.service@familybsoc.co.uk

Family Service Team (Mortgages)
Tel: 03330 140146
Email: mortgage.service@familybsoc.co.uk

Online Banking Support
If you are a savings customer and need help with our Online Banking Service, please call our dedicated Online Banking Support team on 03300 243406.

Opening hours:
Monday to Friday: 8am - 5:30pm; Saturday: 9am - 12pm, excluding Bank Holidays.

To find out more about ring-fencing, please visit:

Bank of England

FCA

          

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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