Tesco take direct debit early

Tenhousa

I pay my TESCO Credit card off in full by direct debit each month. The statment "due" date from TESCO matches my direct debit instruction for payment 29th of each month. However, TESCO take the payment from my bank on the 23rd of each month. They say because it takes 6-10 days. Does it really take that long to process electronic banking requests? Once that money leaves the "credit" balance in my bank I cease to get interest on it so who gets the benefit when my money is in the ether??

stephane_2

That is not correct, Tesco is talking from their own backside again, if a direct debit I set up for a specific date then they are not allowed to take it 6 or 7 days before the due date. There are some exception if let say the due date is a Sunday then they would probably take it on the Friday instead....

oldagetraveller

Stephane is correct. I have a DD set up for min. payment to my Tesco card. The payment due date, as statement, is the 28th of each month. It debits my bank account exactly on that date or the earliest after if the 28th falls on a weekend, Bank Holiday etc.
They've never taken the payment before the due date (with mine anyway). I think it actually states on or soon after the due date somewhere in my documentation reference the DD.

fozmcfc

It should be on the statement when the direct debit will come out.

For instance on my June statement it says

"Your nominated bank account will be debited with the
minimum payment of £5.00 on 30 JUN 2010 or soon

after."

So check your statement and see what it says, you can check statements online just incase you are paperless and not aware.

walder

Taking money premature with little regard for your financial circumstance, it really p**ses me off. It's the reason I don't use direct debits with certain companies, namely the ones that have done a similar thing to me in the past.

I hope you get sorted.

CLAPTON

perhaps it would be wise to read the tesco's payment T&Cs which are shown on the back of the statement

it says
Direct debit
-minimum payment -claimed on your payment date
-full payment -claimed 6 days earlier than your payment date

Tenhousa

Many thanks for all the replies, the small print really does say 6 days for full payment and on the due date for min payment! It also says 2 full working days if paying over the phone. Not sure if I couold trust myself to remember every due date (laziness I know) and take the hit on paying interest. Will fume quitely.

chattychappy

Now remember everybody, these DD things make life easier.......

CLAPTON

chattychappy wrote: »

Now remember everybody, these DD things make life easier.......

The front of the bill does however state very clearly the date on which the DD will be taken and yes it does, for most people, lead to an easier life.

callum9999

chattychappy wrote: »

Now remember everybody, these DD things make life easier.......

It does if you actually read the bill...

6 days interest on that money in your bank will surely be a few pence - does it really matter?