Lloyds 4% Vantage Stipulations?

Wheres_My_Cashback

Like many things DD's have a shelf life and will expire if not used.

You cannot resurrect any inactive DD after month 13. You have to set up a new one.

LesU

Nath4n wrote: »

d. Next to each DD was 'ACTIVE' or 'INACTIVE'. Three out of four were listed as INACTIVE so to be safe I set up a Tesco DD on that account to be sure I had 2 'ACTIVE' DD's, despite now having five DD's actually listed on the account.

So are those defunct DDs going to stay on your account permanently?
Maybe this is a case of them staying on for a short time before the system catches up and hides them.
Just out of interest, which data column does 'inactive' show up in, in the DD list?

Nath4n

LesU wrote: »

So are those defunct DDs going to stay on your account permanently?
Maybe this is a case of them staying on for a short time before the system catches up and hides them.
Just out of interest, which data column does 'inactive' show up in, in the DD list?

The 'active' or 'inactive' doesn't appear anywhere on online banking. It appeared in a letter telling me the account switch had been finalised and listing the DD's which had been transferred.
Looks like they're stuck there, I've tried cancelling them online banking and it won't let me it just tells me to ring up - which I will to get them removed when I can be bothered.

YorkshireBoy

Wheres_My_Cashback wrote: »

DD's automatically become inactive after 13 months of non-use.

Not strictly true. "They normally lapse after 13 months" would be a better statement...

The period is normally 13 months.

http://www.ukpayments.org.uk/resources_publications/faqs/automated_payments/

I've previously had active DDs on one of my accounts that hadn't been claimed for over 13 months yet were still processed when requested.

On the other hand, I believe there were reports on here some time ago that some banks (Nationwide and/or LTSB?) have much shorter dormancy periods of 6 months.

I was told recently (by MBNA) that there's talk of extending the '13 month' timescale to 36 months, although I've not seen anything 'official' published as yet.

innovate

All banks hold details of Direct Debit Instructions on file for a minimum period of 13 months from lodgement of the Direct Debit Instruction, in the event of no collections, or from the date of the last payment. After the dormancy period has passed, the bank will remove details of the Instruction from their system. Before claiming further Direct Debit payments the organisation must obtain a new Direct Debit Instruction or your authority to continue collecting. If this is not done your Direct Debit payment may be returned by your bank.

http://www.thesmartwaytopay.co.uk/directdebitexplained/faqs/pages/inactivedirectdebits.aspx