Following the financial crisis which began in 2007, UK legislation was passed to better protect customers and the day-to-day banking services they rely on. The legislation requires each large bank to separate services like current accounts, savings accounts, and payments from risks in other parts of the business, for example in investment banking.
This separation is called ‘ring-fencing' and means large banks may need to change the way they are structured. Banks will be making changes during 2017 and 2018 to complete the process by 1 January 2019.
What changes will be made?
Some bank customers will experience changes to their account details. For example, some customers may receive a new sort code. Some will also receive a new account number. We aren’t required to make any changes here at the Society, therefore your Newcastle Building Society sort code and account numbers won’t change.
If you are affected in this way your bank will advise you. Any outgoing payments, for example standing orders and Direct Debits, will be made as normal and your bank will also redirect any incoming payments made to your old account to your new account.
What do I need to do?
You do not need to take any action with your bank unless your bank requests you to. If you are affected by the changes, your bank will tell you how, when the changes take place and whether you need to do anything.
Customers of different banks may be affected in different ways. Even similar customers of the same bank may be affected in different ways.
We aren’t required to make any changes here at the Society, therefore your Newcastle Building Society sort code and account numbers won’t change.
Keep your details safe
It is important during this time of possible change that you’re extra cautious and remain alert to the possibility of fraud:
- Treat all letters, phone calls, emails and text messages with caution. Don’t assume they are genuine, even if the person seems to know some basic information about you.
- Do not give out your account or card details or make changes to payments unless you are certain who you are dealing with.
- Never disclose security details, such as your PIN or online banking password. Your bank or other genuine organisation will never ask you for these.
- Don’t be rushed or pressured into making a decision or acting quickly. A genuine bank or other organisation won’t mind waiting if you want time to think.
If you have any doubts at all about what you are being asked to do, check with your bank. Always use contact details you can trust, for example the phone number on your bank statement, rather than any details provided in the communication in question.