# Updating your bank details

*Source: https://credicorp.co.uk/support/updating-your-bank-details/*

Sometimes a company needs to change the bank account it uses for its loan — perhaps you have switched business banks, opened a new account, or restructured how the business manages its money. Updating the account we collect repayments from (or, where relevant, pay funds to) is straightforward, but because it touches your money we treat it carefully. This article explains how to make the change safely and why we verify it.

## How to request a change

To update the bank details we hold, make the request through our [forms](/forms/). Tell us which account you want to change — the collection account, the payout account, or both — and give us the new account details. Submitting it in writing this way gives us a clear, dated record and is more secure than a verbal change over the phone.

Please do not simply cancel your existing Direct Debit and assume the new account will take over. Cancelling a Direct Debit without a new instruction in place can cause a missed collection, which can affect your account standing. Let us set up the change properly so collections continue without a gap.

## Why we verify changes

We will always **verify** a request to change your bank details before we act on it. That means confirming that the request genuinely comes from an authorised person at your company, and checking the new account belongs to the business. This is not us being difficult — it is one of the most important protections we offer. Bank-detail changes are a classic target for fraud, because if a criminal can redirect a payment or impersonate you, real money moves. Verifying the change keeps your company’s funds where they belong.

Our verification when we speak to you is explained in [how do you verify it is really me on the phone](/support/how-do-you-verify-it-is-really-me-on-the-phone/). The same principle applies to any change of details: we confirm identity first, then act.

## Never act on an unfamiliar request

This protection runs both ways, and it is worth being blunt about it. **We will never** phone, text or email you out of the blue telling you our bank details have changed and that you must now send your repayment somewhere new. Genuine collection details do not change on a surprise message. If you ever receive a request like that — supposedly from us — asking you to pay a new account, treat it as a scam:

- Do not pay or change anything based on the message.

- Contact us through the channels you already know to check.

- Report it if you believe it is fraudulent.

Equally, if anyone contacts *you* claiming to be a supplier, a director or a colleague and asks you to change where company money goes, verify it independently before acting. The same caution that protects your loan account protects your whole business.

## After the change

Once we have verified and applied your new details, future collections will use the updated account from the next eligible date, and you will be able to see the change reflected on your account. If a collection is due very soon, ask us whether it will come from the old or new account so there is no confusion. As always, keep enough cleared funds in the correct account on each collection date.

Changing your bank details is a routine thing to need — just do it through our forms, expect us to verify it, and stay alert to anyone who tries to rush you. If in doubt about any message that claims to be from us, stop and check with us first.

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Credicorp Limited — UK lender to limited companies (Company No. 16093826). credicorp.co.uk