MBNA revokes 0% and sets £92 charges because a bank holiday delayed my standing order

I_know_my_ABC_and_my_CMYK

I sent one to Cap 1 on Good Friday, it registered on my statement as from that date.

the_insider

Scottie20 wrote: »

I have a 24 hour fast payment standing order set up with MBNA from my bank. Payments are due on the 5th and my instructions take place on the 2nd.

Due to Good Friday being on the 2nd, payments were delayed in the banking process until the 6th.

Now I've had £92 charges, lost my 0% and have at least £80 interest every month.

MBNA won't listen :mad:

Is it really right and just that a bank holiday which delays everything is used so badly by MBNA to gain charges and stop deals? What can I do?

Are your payments always due on the 5th? Most credit card companys don't have a full month statement cycle so your payment date will change every month.

chattychappy

Yeah... the DD crowd weigh in... I can almost smell the disappointment that your punishment for not having a DD setup has been reversed!

Nothing wrong with standing orders, but you really have to allow for "worse case scenarios".

Good Friday/Easter Monday are both bank holidays. If a standing order is set up to out on the Friday, it's quite reasonable that it wouldn't have gone out until Tuesday.

These 0% deals are stonking good value. The downside is that if you miss a payment then the deal's off. So MBNA are entitled to end the deal. But not for the first time they've been flexible, so a happy ending. Well done. (WELL DONE FOR THOSE THAT PREFER CAPS.)

no_more_cards_for_me

Scottie20 wrote: »

I can also follow MBNA advice that Fast Track SO's are a good idea.

Hmm wonder why that is ? perhaps more people will get caught out and lose the 0%.

Well done on getting it back, but a DD will solve this type of problem. Nice is see that CC is flying the flag for not going down the route of a DD but a lone voice in the wilderness.

Current count - Threads where a DD would of prevented loss of 0%, charges, etc

464

:beer:

Milarky

Scottie20 wrote: »

I have a 24 hour fast payment standing order set up with MBNA from my bank. Payments are due on the 5th and my instructions take place on the 2nd.

Due to Good Friday being on the 2nd, payments were delayed in the banking process until the 6th.

I'm afraid you are the one at fault on this occasion. Standing Orders can only be processed on a 'bank working day' - that is why Friday defaulted to Tuesday. (A manual payment would have been possible right up until the 5th of course)

I also choose to make payments to some credit card by standing order. However I have to employ the following safeguards for this to be guaranteed to work
1) I allow a week before the due date (covers w/e and bank holidays and even 2 days for slower BACS transmission)
2) I set the min payment to 1%, 2% (whichever) of the original balance and leave it (this always means the amount sent exceeds the latest minimum amount from the last statement)

chattychappy

no_more_cards_for_me wrote: »

Nice is see that CC is flying the flag for not going down the route of a DD but a lone voice in the

Err... I'm a lone voice too. Seems there's a number of lone voices!

no_more_cards_for_me

chattychappy wrote: »

Err... I'm a lone voice too. Seems there's a number of lone voices!

I was actually referring to you in my abbreviation of CC.

Regards

Support the DD campaign :beer:

CashRequired

This happened to me with an MBNA card. Although my payment instruciton was made prior to the due date, it took too long and by the time it was processed it was overdue.

As it stood, i had a charge and lost my 0% deal.

I phoned and apologized and said i'd made a mistake, and they said they'd reinstate the 0% but i'd still have to pay the charge. Was a lesson, but glad i kept the 0% deal in the end.

fozmcfc

Got stung a couple of times years ago, but not anymore.

DD all the way, simple to set up and the retailers responsibility to take payment.

I personally think it should be compulsory for a DD to be set up when someone takes out a Credit Card or a loan. People who get Credit Cards or loans (except from sharks) surely you must have a bank account.

chattychappy

fozmcfc wrote: »

I personally think it should be compulsory for a DD to be set up when someone takes out a Credit Card or a loan. People who get Credit Cards or loans (except from sharks) surely you must have a bank account.

I am personally delighted that you were free to choose to pay by DD.

I am less delighted that you would deny me that choice.