1. How does the online account switching service work?
The account switching service is a digital tool that helps you transfer direct debits from your old bank to your new Holvi account safely and easily. Additionally, the account switching service provides you with an overview of your standing orders in order to help you create new standing orders in your Holvi account. If you wish to move completely from your old bank to Holvi, you can use the cancellation letter provided by the service.
The account switching service analyses and lists the direct debits in your old account. In the list, you can mark all payment partners who should be informed about the account change. It is up to you which payment partners should be informed – all or only selected ones. All you have to do is fill in an online form with the necessary personal data, including the IBAN of your Holvi account. The rest of the work is done by the account switch service. In most cases the notifications are automatically sent to the payment partners by the account switch service.
2. Where can I use the account switch service?
The account switch service can be used at any time and from all end devices on holvi.meinkontowechsel.de, and also multiple times (e.g. with several old banks or accounts).
3. Who can use the account switch service?
All verified Holvi customers with a company in Germany can use the account switch service. Please note that both your identity verification and company verification must be completed before you can start using the account change service.
4. Who provides the account switch service?
The account switch service is carried out by our partner company fino (https://fino.ai/), based in Kassel, Germany, who are well-established as an account switch service provider.
5. What does the account switch service cost?
The account switch service is free of charge.
6. How exactly does the notification of the payment partners work with the account switch service?
If you use online banking, you can log in to the account switch service with the login data of your old account at holvi.meinkontowechsel.de. The tool will then automatically screen and list your existing payment partners. You can then check the list and make any necessary changes. It is also possible to add or ignore payment partners, so you can decide who will be informed about your account change. Finally, the notifications of your new Holvi account connection are sent directly through our account switch partner fino to the selected payment partners. If you haven't used online banking before, you can follow the instructions at holvi.meinkontowechsel.de to easily select the relevant payment partners.
7. Can I use the account switch service for my business to business direct debits and for outgoing direct debits?
Holvi supports the SEPA Basic Direct Debits (SDD Core), with which your business partners can collect money from your account. Currently, we do not offer outgoing direct debits for collecting money from your customers. Holvi also does not support business-to-business direct debits (SDD B2B).
8. Why is the login information of my previous bank required?
The login information of your current bank is required to generate the list of the previous payment partners and standing orders. This saves you a lot of time – this way, searching through your documents and account statements won't be necessary.
9. What data is processed?
In order to provide you with the best possible service, the following data is required: your address for generating letters to your payment partners, as well as your bank code and online banking access data for the automatic listing of payment partners and standing orders. Your data will only be processed once, transmitted in an encrypted form and deleted immediately after the completed account switch.
10. Will all my payment partners be detected automatically?
Depending on the bank, only transactions of the last 90 days and in some cases up to 24 months are listed automatically. The account switch service provides you with possible suggestions for missing payment partners so that, for example, an insurance payment partner that issues payments which are only debited at the beginning of the year is also notified.
11. Do I have to do anything after the account change?
Once you have completed the online account switch application, our account switch partner fino will provide you with a checklist. With the help of this checklist, you can check whether all payment partners have accepted your new account details for the next direct debit. You can also create standing orders in your new Holvi account using the checklist. To avoid double execution, you should delete the standing orders at your current bank at the same time.
12. How long does the account switch take?
The application process usually only takes a few minutes. The following factors are crucial for a smooth transition:
- The point of notification of the payment partners
- Mail delivery times
- Processing time on the payment partner side
We therefore recommend that you keep your old account for about 6-8 weeks in parallel with your new Holvi account.
13. What should I do if the payment partner data is incomplete or missing?
You have full control over the account switch process at all times and can correct addresses yourself. It is also possible to add or ignore payment partners.
14. Who is listed as sender on the messages to the payment partners?
Since you are the account holder and contractual partner of the payment partners, you will be listed as the sender on the messages. This also facilitates any subsequent correspondence between you and the respective payment partner.
15. Why can my bank details only be changed online with some payment partners?
Some companies (e.g. Amazon, PayPal, Ebay) have decided to offer their customers the possibility to change their bank details online in their customer profiles. For this reason, these payment partners do not accept letters. In order to make the process simpler for you, our account switch partner fino will send you the corresponding links in the confirmation email, so that you don't have to search for them.
16. How do I sign the notifications for the account switch?
The account switch service enables you to easily submit your signature on your PC, smartphone or tablet and switch between devices as you wish. You will find more information about this while using the service.
17. Can I get a copy of the account switch notification letters?
Transparency is very important to us. That's why you will receive an overview of all documents via email, or via direct download after the account switch. You will also receive a notification dispatch protocol.
18. Can I terminate my old account via the account switch service?
Unfortunately, the regulatory situation does not allow our account change partner fino to terminate your account directly for you. However, fino will prepare a letter of termination for you which you can sign and send to your current bank.
19. Will I be informed when my old account has been closed successfully?
Your current bank will send you a statement for your records. Please check it to confirm everything is correct.
20. Can a third party switch my account for me?
No. The account switch may only be carried out by the account holder personally. You prove your identity by providing your signature.
21. Is my data secure?
Yes, your data is only required to list the payment partners and standing orders. At no time will your data be transferred to third parties or used for other purposes. For your security fino will never ask you for a TAN of your current bank.
22. What happens if I exit the account switch service?
All data will be deleted immediately if the account switch is terminated prematurely by yourself or for technical reasons. Of course you can start the process again at any time.
23. How is the switch of standing orders and exemption orders carried out?
Our account switch partner fino creates an overview of your standing orders for you based on the data of your previous bank. Determine the last execution date of your standing orders with your previous bank - you can use the termination letter which is prepared for you by fino. Create your new standing orders in your Holvi account. Take into account the determined last execution date for your old standing orders to avoid double debits. Check the adjustment of your old exemption order and change it if necessary.