Cancel your direct debit to Icesave

edda

I should have thought of this earlier (but no harm done) .... :doh:

Realised today that the direct debit I had set up for Icesave was still open for authorisation. This could have meant that they pulled money out of my account.

So I rang the FSCS to check that it was ok to cancel this direct debit - and they have confirmed that it won't affect getting compensation. (My thought was this could slow it down - receive by cheque rather than bank transfer - but I feel safer this way).

I don't like the idea of having an open access to my account for a defaulted bank. Ok, I know I should've thought of this before, but I thought I would just mention it to any others who hadn't realised this.

Birdie100

If they began removing funds via the direct debit, you'd be covered by the direct debit guarantee I think. Much better to leave it open and get the money back as quickly as possible, if it becomes an option. Also disappointing to see that it will not affect repayment of the money - becuase that really does confirm that we're in this for the long haul.

Welliesorter

But why would Icesave be taking money from your account now?

As far as I remember, the only purpose of the direct debit is as a means of transferring money into an Icesave account, something that's not going to happen now.

I'd be more concerned if I had a standing order into Icesave as this would be paid out automatically.

climbgirl

Damn, was hoping they'd use the fact that these accounts are all linked internet accounts and that might speed a refund up. I wondered if this was the "innovative" approach they talked about last week.

I'm going to leave mine open in case they do - a bank cannot take an unauthorised payment from your account, unless it's to meet unpaid debts you hold with them. Which isn't the case with a savings-only bank.

I don't think there's any need to worry about this too much.

edda

Part of the reason I noticed the direct debit authorisation was that the details had changed. Instead of the info I had set up (with a name of Icesave that I recognised), all that shows is a series of numbers.

I'm not prepared to have DDs sitting on my account that I'm not happy with. After what's happened so far, a few extra days to clear a cheuqe is worth my peace of mind.

But it's down to individuals - I just wanted everyone to be able to make their own choice and be aware of the position.

tr98

edda wrote: »

Part of the reason I noticed the direct debit authorisation was that the details had changed. Instead of the info I had set up (with a name of Icesave that I recognised), all that shows is a series of numbers.

I'm not prepared to have DDs sitting on my account that I'm not happy with. After what's happened so far, a few extra days to clear a cheuqe is worth my peace of mind.

But it's down to individuals - I just wanted everyone to be able to make their own choice and be aware of the position.

I've just checked my linked bank account, and the LANDSBANKI ISLANDS DD has gone! I certainly didn't cancel it myself, so wonder if Icesave did this?

So would the absence of this DD prevent my savings being refunded electronically? If so, I guess I need to contact my bank or Icesave to get it reinstated.

[Deleted User]

my bank (smile) actually told me that I also had an open dd and she suggested cancelling it, which I did. This happened the day after the icesave problem started

ps: the lady said it would not affect any incoming cash from icesave

London05

I am not cancelling my DD in Icesave name as I recall they only way they took money from your linked account was if you told them to, we are all protected by the DD guarantee and it does work I have used it several times.

On reading the update on the compensation did it not appear that we would eventually be able to go onto the website and get the funds sent electronically, I don't want a cheque I can't stand the hassle of banking them.

sheslookinhot

Icesave have cancelled these DD's themselves. I had one due to leave my current account on the 18 month. Checking the Icesave website it says "Rejected" and indeed November is also marked rejected