1 million face sort code swap

BAnKS are writing to around one million customers to tell them their sort code is changing.

Most of those affected are Barclays and hSBC customers, plus some overseas personal and business customers with Santander.

Sort codes are six digits that identify where you bank, and at what branch your account is held.

however, banks are reassuring customers that if you get a new code you won’t have to alter direct debits and standing orders, as this will be done for you. you won’t need to inform your employer.

your old sort code should also work for three years after you receive your new one, in case you accidentally give out the wrong number.

The changes are part of a set of reforms designed to prevent another financial crisis. Under rules to be introduced in 2019, banks are being forced to separate their current account and savings customers from riskier areas of their business, such as investment banking. This involves issuing new sort codes to some customers.

Barclays and hSBC say they are working hard to make the process as straightforward as possible.