Direct Debit Limitations

planemad

Just a quick question.

Are there limitations on the amount of a direct debit to or from a savings account?

Can £100k be transferred from your savings account to your current account in the normal way or is there a certain procedure for the transfer of this sort of level of funds?

Many Thanks

Oblivion

planemad wrote: »

Just a quick question.

Are there limitations on the amount of a direct debit to or from a savings account?

Can £100k be transferred from your savings account to your current account in the normal way or is there a certain procedure for the transfer of this sort of level of funds?

Many Thanks

There are no limits on direct debits, so you can transfer £100k in one go.

It's electronic payments out of your bank account (standing order or one-off order) that usually carry a limit imposed by the banks, £10k being typical.

Dave.

dzug1

planemad wrote: »

Just a quick question.

Are there limitations on the amount of a direct debit to or from a savings account?

Can £100k be transferred from your savings account to your current account in the normal way or is there a certain procedure for the transfer of this sort of level of funds?

Many Thanks

Rather too general a question - some savings accounts have a limit on daily withdrawals and many don't allow direct debits at all.

So it depends on your account - or accounts.

Moggles_2

With some, though not all savings a/cs, money moved in from a linked a/c is collected by direct debit. Withdrawals from the savings a/c to your linked a/c are usually made by BACS transfer.

Which two a/cs are involved?

Oblivion

Moggles wrote: »

With some, though not all savings a/cs, money moved in from a linked a/c is collected by direct debit. Withdrawals from the savings a/c to your linked a/c are usually made by BACS transfer.

I think you have introduced some confusion here. You seem to be implying that Direct Debit and BACS are different methods of transfer, whereas BACS (Bankers Automated Clearing Services) is the system set up to manage both Direct Debits and Direct Credits. BACS is a processing 'house' not a method of payment. A Direct Debit will be collected via the BACS processing system.

Dave.

YorkshireBoy

Oblivion wrote: »

I think you have introduced some confusion here. You seem to be implying that Direct Debit and BACS are different methods of transfer, whereas BACS (Bankers Automated Clearing Services) is the system set up to manage both Direct Debits and Direct Credits. BACS is a processing 'house' not a method of payment. A Direct Debit will be collected via the BACS processing system.

I think Moggles' point (in response to the OP saying "direct debit to or from a savings account") is that DD is not a two-way route. Indeed, a great many (most?) savings accounts cannot support DDI's, ie money can be pulled in to the savings account via direct debit, but cannot be released by the same method.

Any money sent from the savings account back to the current account would be termed a 'BACS transfer', as opposed to a 'BACS Direct Credit' (which operates slightly differently, ie there's no 'float' with the latter).