A warning if you have a Barclays Regular Saver A/c

Reaper

Geoffo_M wrote: »

Not quite accurate I think. You still control the direct debit, but they control the actual amount taken

With a DD you have given them permission to take whatever they like whenever they like, so I'm not sure how you can say that means you are in control.

However there is a "Direct Debit Guarantee" which exists to give people the confidence to use them, as given the above nobody in their right minds would otherwise!

It says they will give you advance notice if they plan to alter the amount they take from your account, that you can cancel it at any time, and most importantly it says if the orginator bank makes a mistake in the amount they withdraw you will be refunded straight away.

While I am on the subject there are some nice case studies of when the guarantee does and does not apply here.

Mikeyorks

Geoffo_M wrote: »

Not quite accurate I think. You still control the direct debit, but they control the actual amount taken

As the whole rationale of the Direct Debit is to allow someone access to your account in order to take funds ......... isn't that a superfluous comment.

Geoffo_M

Mikeyorks wrote: »

As the whole rationale of the Direct Debit is to allow someone access to your account in order to take funds ......... isn't that a superfluous comment.

No, because you can cancel a direct debit at any time you wish

oldfella

and they cant take it whenever they like, the date is part of the agreement and is normally specified by you, and cant be changed without notification

Primrose

I realise it was up to the individual to cancel a standing order, but on both the previous occasions I went into the bank and sat beside the personal banker while the standing order was set up on the computer, with the option being ticked on the screen to cancel the order after 12 payments. That is why I was surprised that the cancellation did not apply. I repeated the same performance this time and again saw the standing order option being ticked to finish after 12 payments but obviously this is not happening so next time after the 11th payment I will be wiser.

jimbow25

I presume the issue here arose from using a Barclays current account to fund the Monthly saver instead of one from another bank?

That would then mean the standing order is between two Barclays accounts only, and the terms and conditions highlighted allowed them to make it an indefinite standing order by default rather than one with 12 payments only.

If you're fiunding it from another bank, you set it up yourself so are free to set it for 12 months, 13 months, 18 months, or forever, whatever you want.