Savings accounts deposits by Direct Debit?

anna42hmr

Mishomeister wrote: »

The same question

This is what the poster Lloyds bank has put on one of the club lloyds threads


Quote:
Originally Posted by carpy
how do they define 'different' DD's?

would 2 from tesco be ok as i have now for my Halifax reward?
Hi carpy. The two Direct Debits can be to the same recipient, however, they must appear as two separate Direct Debit mandates on your account.

For example, if you have two Direct Debits set up to pay the same recipient (i.e. one for insurance and one for a credit card), that would meet the criteria providing they're both paid in a calendar month. However, if you have one Direct Debit to a company that's paid twice a month then that would not meet the qualification criteria.

Hope this helps.

Craig"

tobiascurious

dougz wrote: »

Just a warning to ING customers will have their existing DD killed at the time their savings account is finally moved over to the Barclays system, and cannot be resurrected. This information was rather hidden in a massive info pack they sent me.

Can I ask you which page of the pack makes you sure about this? All I could see was something about Regular Savings Plans not continuing, whatever that means.

Archi_Bald

It's on one of the last pages in the summary of changes brochure (which I have long recycled).

Chomeur

ColdIron wrote: »

Paypal is an obvious choice, easy to setup and allows multiple accounts

Am I right in thinking that you can't set up a recurring payment with PayPal? I have a direct debit set up OK but all I can see how to do is to make one-off payments on this. So I would have to do it every month.

tipsychick

Chomeur wrote: »

Am I right in thinking that you can't set up a recurring payment with PayPal? I have a direct debit set up OK but all I can see how to do is to make one-off payments on this. So I would have to do it every month.

Unfortunately yes. You have to pull the DD manually each month.

LittleVoice

For those thinking of using Newcastle Building Society savings as a means of taking DDs, this facility will be ending "shortly".

Today received an email from them which included,

As a result of the small number of accounts using this
payment method and the improvements made to the faster payment system in recent
years the Society will shortly be removing the option to fund savings accounts
using Direct Debit.

Zanderman

Just been checking out a few of the DD accounts.

Intelligent Finance no longer accept new accounts (see http://www.if.com/myifdotcom/ifchanges.aspx) - so their inclusion on the top of the thread needs some qualification, or perhaps should be omitted.

Saga don't seem to offer any savings accounts at present apart from their fixed rate one (http://www.saga.co.uk/money/fixed-rate-savings-account.aspxhttp://www.saga.co.uk/money/fixed-rate-savings-account.aspx) which doesn't allow additional deposits, so maybe they should be taken off the list too?

hth

Edited to add: I've just noticed the Innovate's original post says it is no longer (as from 1st April 2014) being updated, though it was last edited on 5th June... so I'm not sure now whether suggesting changes is useful or not!

HereBeDragons_2

nearlyretired2004 wrote: »

As I have posted somewhere else..... and confirming previous post above, Santander have told me by phone that they are no longer doing funding mandates, but that any already set up will continue to be honoured - and mine are being.


So, has anybody RECENTLY had any success setting up a new funding mandate.....??

Finally yes, but what a palaver! It took 2 months and a LOT of chasing on my part. I'm very unimpressed with Santander but I did get £115 compensation out of them for the inconvenience. In case my experience is of use to anyone going through the same problems setting theirs up, this is how I got it sorted out.

In early April I sent off my form to their Bradford address, signed for delivery, including proof of my Lloyds account for my Santander esaver DD to be pulled in from. 3 weeks later I chased it up on the phone. Their helpline staff were as helpful as they could be but the first problem is that they can only message the mysterious 'back office' in Bradford who actually process the forms - they can't just be rung up (!).

Another couple of weeks went by with no progress so I chased it again and was told it is a standard 3 weeks resolution time, which I said wasn't good enough given I sent off my form 6 weeks previously. Registered a full complaint. Received a text message confirming my complaint and a reference number. £10 compensation awarded.

Last week I received a text message saying my complaint was resolved. Logged on to Santander expecting to see my Lloyds account on the 'pull in funds' option on my e-saver. Nothing. Checked my Lloyds account to see if the DD set up. Nothing. What a surprise! Rang again to complain about the text message, saying my complaint was NOT resolved.

After refusing to speak to the first tier of complaints I was eventually put through to a complaints handler in Liverpool who took ownership and was very apologetic. Turns out the 'resolution' of my complaint was just the Bradford back office staff locating my form and sending it on to the right dept for processing. Wow, how efficient! I pointed out that most DDs take a few working days to process, not 2 months, and that Earth's tectonic plates move more quickly than this. I insisted he make sure it was set up for this calendar month.

Kudos to the guy - he did just that, calling me back later that day to say he had arranged for someone to set it up immediately even though they didn't have my paperwork. All I had to do was provide the details over the phone. My Lloyds account is now visible on my esaver (though it takes several working days to pull in funds) and the DD is visible on my Lloyds account, due to go out tomorrow. Fingers crossed. He also rang me back yesterday to check I could see that everything was set up, and once I confirmed it was all visible this end he took put the details of my complaints and all the time I had spent chasing them through some software they use to calculate compensation as per Finanical Ombudsman guidelines, and came up with £105. With the £10 I was awarded earlier that's £115 all up.

I think the issue with setting these DDs up is that the funding mandate form goes to Santander's ISA processing team (I do remember that on the form itself it said somewhere it was for an ISA, which made me wonder at the time), but as it isn't actually an ISA mandate I suspect it just gets put aside and forgotten about. As a new account holder I'm certainly not impressed with Santander.

I hope this helps anyone trying to chase up their Santander DD manadate. It is possible - just keep at it. Don't let them get away with not compensating you, though!

Hominu

LittleVoice wrote: »

For those thinking of using Newcastle Building Society savings as a means of taking DDs, this facility will be ending "shortly".

Today received an email from them which included,

In the email it says "If you are affected, we'll be in touch closer to the time". I'm definitely affected but have not received anything yet. Has anyone else?

(They still collected my DD last week, so it's not finished yet)

Herbalus

Hominu wrote: »

In the email it says "If you are affected, we'll be in touch closer to the time". I'm definitely affected but have not received anything yet. Has anyone else?

(They still collected my DD last week, so it's not finished yet)

I stopped my DDs a week after receiving the email and sorted out alternatives. I don't know when the DD facility will be removed, but it'd be prudent to make arrangements so that when it happens you aren't caught short.