Switching your business current account to First Trust Bank is easy.
Why switch your business current account to First Trust Bank?
A First Trust Bank business current account is an efficient way to successfully manage the day-to-day operation of your business.
Whether you manage your account online or through your branch, you can use your First Trust Bank business current account to receive payments and to pay your suppliers and expenses.
With a First Trust Bank business current account you can:
- Set up direct debits or standing orders to pay your business bills.
- Pay your suppliers electronically through iBusiness Banking (iBB).
- Make international payments.
- Save time and money by paying your employees' salaries electronically.
- Collect payments from customers electronically.
- Receive bank statements at intervals to meet your business needs.
- Apply for an overdraft facility on your account, for flexible, short-term working capital.
Our commitment to you
We know you don't have time to waste, so we've created a business banking package that's simple to use and easy to access. Switching to First Trust Bank is not as complicated as you may think - just follow the step by step guide to make it as quick and hassle free as possible. You will also have a Business Relationship Manager on hand to assist you with any queries throughout the process. Switching to First Trust Bank is free - there are no set-up charges for direct debits and standing orders.
What are your switching options?
Switch your business current account to First Trust Bank and close your business current account with your old bank. The switch from your old account to your business current account will be completed within seven working days of your preferred switch date (which you will specify on the Current Account Switch Agreement Form, signed by you). This will transfer all of your direct debits, standing orders and bill payments (Online and Phoneline Banking only) over to us. The Current Account Switch Guarantee provides peace of mind for SMEs, small charities and small trusts switching their business current account.
If we agree, bank accounts that include an overdraft can switch using the Current Account Switch Service. And if you'd like to have an overdraft with your new bank account, speak to us before starting your switch. We will be able to advise if you're eligible for an overdraft, dependent on our lending criteria and your credit status.
- A SME with an annual turnover that does not exceed £6.5 million and employs fewer than fifty people.
- A small charity with an annual income of less than £6.5 million
- A small trust with a net asset value of less than £6.5 million
Note: Larger companies and those who are not are eligible for Option A can opt for a partial switch (Option B)
Option A - How a full switch works
When you want to switch
- Complete a Current Account Switch Agreement Form so that we can set up the switch
- Complete a Current Account Closure Instruction Form to authorise the closure of your old account
- Agree a switch date that is at least seven working days after the new account has been set up
- We will contact you if there are any payment arrangements that cannot be transferred
- Continue to use your old account until your switch date
Overdraft on old account
- You must make separate arrangements to repay your old bank overdraft, this is outside of the Current Account Switch Service. However, we can assist you to make the payment to clear your old bank overdraft
On the Switch Date
- Your old business current account with your old bank will be closed
- Your payments such as direct debits, standing orders and bill payments (Online and Phoneline Banking only) will all have been transferred to your new account
- Any credit balance from your old account will be transferred to your new account
From the Switch date onwards
- You will use your new account as usual
- You must not write any cheques on your old account
- You will receive a closing statement from your old bank
- You are advised to notify people of your new account details
For the next 36 months
- If any payments are accidentally sent to your old account after your switch date, they will automatically be redirected or forwarded to your new account for 36 months
First Trust Bank Partial Switch: move all or some of your direct debits, standing orders and bill payments (Online and Phoneline Banking only) to your new business current account, but you can keep your existing account open with your old bank. The Current Account Switch Guarantee does not apply to a partial switch.
Option B: How a partial switch works
When you want to switch we will:
- Ask you to complete a First Trust Bank Partial Switch Agreement
- Ask your old bank for information about your direct debits, standing orders and bill payments
- Give you a list of your direct debits, standing orders and bill payments so that you can select the payment arrangements you wish to transfer
- Set up standing orders on your new account so that you can continue to make your regular payments
- Set up bill payments on your Online and Phoneline Banking (if this facility is held)
- Give your new account details to organisations you have direct debits with (for example, gas, water and electricity companies and mobile-phone companies)
What you will need to do
- If you receive regular payments into your account (for example rental income and donations), you will need to give the payer the details of your new account so that they continue making these payments
- We recommend that you check your old account and if direct debits continue to be paid from the old account, contact us and the company the direct debit is to
- If you wish to transfer your balance and/or close your old business current account, we can assist you to do so. You should complete a First Trust Bank Partial Switch Closure Instruction
Current Account Switch Guarantee
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
- If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
Full details of the Current Account Switch Guarantee are available in the Business Banking working for you brochure
If your existing bank* is not a participant of the Current Account Switch Service (CASS), then you have the option to Switch Manually with no cost by giving us your Old / New Account details so we can contact your existing bank*
(Note - The Current Account Switch Service Guarantee does not apply to the manual process. If you’re not sure whether your current bank or building society is part of CASS, ask us when you start your switch)
If you are switching your current account into First Trust Bank, simply call into any of our branches to initiate the request. We will request you to confirm that your direct debit and standing order details are correct, once these are provided by you or your Old Bank*.
If any direct debits and standing orders originate from a third party (e.g. your employer), then you will need to complete an authority form which we will then use to contact the credit/debit originator on your behalf. We will request your Old Bank* to transfer any credit balance to your new current account with First Trust Bank, and on your request ask them to close your old account. The process will take approximately 12 working days.
(Note – this timeframe excludes any time taken for a response from your Old Bank* or you).
If you are switching out of First Trust Bank into another UK based financial institution, we will send them a list of your Direct Debits, Direct Credits, Standing Orders and Bill payments within 5 working days. We will transfer any credit balance and close the account on the switch date as requested from your New Bank*.
How to make a complaint
If you are unhappy with any aspect of this service, please visitwww.firsttrustbank.co.uk/help-and-guidance/customer-complaints-homepage
* includes building societies or any payment service provider
Talk to us today
Simply call 0345 6005 925† or drop into any First Trust Bank branch. We’ll be happy to answer any questions you may have about switching to us.
† Lines open: 9am to 5pm Monday - Friday (except on bank holidays). Calls may be recorded. Call charges may vary - refer to your service provider.