Switching your current account

• The service is free to use and you can choose and agree your switch date with us.
• You can switch to a new account, or one you've already got with us.
• We'll take care of moving all your payments going out (for example, your Direct Debits and Standing Orders), as well as your salary, if requested.
• Choose when your switch starts - this can be up to 60 days in the future.
• We will keep you updated of progress along the way.
• Diamond Microfinance is not currently participating in the Payment Council’s Current Account Switch Service (CASS).

Read more about our Account Transfer Service in our guide.

Starting your switch

You choose when your switch starts - this can be up to 60 days in the future.

Fill in the transfer authorisation form. This gives us authorisation to start the switch process - we will send a copy of this form to your old bank within 2 business days of receiving it.

Switch start date

On your chosen switch start date, we'll ask your old bank for a list of your payments - for example, Standing Orders and Direct Debits - they must respond to us within 5 days.

When we receive details of your existing payment arrangements from your old bank we will write to you to confirm which Standing Orders and Direct Debits should continue.

Transfer

We'll set up the payments on your Diamond Microfinance Account, and we'll tell the companies you pay by Direct Debit to collect future payments from your new account.

You will, however, need to contact anybody else who regularly sends payments to you (such as pension, savings or investment income) and inform them of your Diamond Microfinance Account details if you want these payments into your new account.

You'll receive your Debit Card and PIN as well as your Internet Banking registration details, if you've requested them.

Completion

Your switch is complete.

If you have a positive balance on your old account, it will be transferred to your Diamond Microfinance Account by your old bank. If you have an overdrawn balance, you’ll need to clear it with your old bank.

Having checked that all payments and/or credits have been set up correctly, we will send you a letter to confirm exactly what we've done.

If requested, your old bank or building society account will be closed.

If you don't already hold a Diamond Microfinance Account to switch your existing account to, you can apply by choosing the account you would like to open and filling in the relevant application form.

You can view our accounts under the Personal Banking section.

Once your new account is open, we can proceed with the switch from your old bank account on receipt of your completed transfer authorisation form.

If you're an existing customer we can also arrange to switch a current account you hold elsewhere to your existing Diamond Microfinance Account. Please download and fill out the transfer authorisation form.

Read more about our Account Transfer Service in our guide.

If you require any further information about transferring your account(s), please call our Client Team on  (lines are open from 8.00am to 8.00pm Monday to Friday and 8.00am to 6.00pm on a Saturday and Sunday).

• Can I switch my current account if I’m overdrawn?
  No, your Account will need to be in credit.
• When will the money in my old account be transferred to my new account?
  You’ll be able to access the funds in your old account up to your switch date when they’ll be transferred to your new account.
• Will switching my current account affect my credit rating?
  No, providing you repay any outstanding overdraft(s) on your previous account(s) as required by your old bank or building society. If there’s any problems with payments (as part of the switching process) Diamond Microfinance will correct them and ensure your credit rating is not affected.
• How do I make a complaint about my switch?
  If you’re not happy with the switching service we’re providing, please refer to the A guide to our complaints procedure document which provides details of how we deal with complaints and your right to make a complaint to the Financial Ombudsman Service. Please visit our complaints section for more information.