Date DD set up for?

izoomzoom

I am now relying on a DD to pay the minimum balances for two 0% cc that I recently opened so that I can concentrate my payments on my 3rd cc where I am being charged interest.

Santander has been set up for 13 March
Barclaycard has been been set up for 15 March

Now, I like to set little reminders on my phone so that I can make sure there are sufficient funds, but my question is, will these payments be taken out every 13th / 15th of the month, or is there some other formula to work out the payment dates for subsequent months.

Much appreciated

stephane_2

It will be taken on those dates unless it falls during the week-end, in which case it could be taken on the Friday or Monday...

bengal-stripe

izoomzoom wrote: »

Santander has been set up for 13 March
Barclaycard has been been set up for 15 March

These dates are not set in stone. 'Payment-due' dates (on which the dates for DD are based) vary slightly, depending on the date of previous statement, the number of days in the month, fall of weekends etc.

To be absolutely certain of the date the DD goes out, you have to check the monthly statement, where the exact date will be advised.

Hominu

If you need to ensure you have sufficient funds in your account to pay those DDs, then it may be worthwhile not to use the DD at all, as if you forget to check your account, you may be stung for a Returned DD fee in additional to a Late payment fee (or maybe just a Unarranged overdraft fee, depending on bank and setup).

I've never had a payment taken before the due date, but that doesn't stop the bank from trying to 'reserve' payment on a Friday for a payment due on a Monday (so you would need the funds there by close of business Friday at the latest).

Also, the date could change, but this would be on your statement, but once you've read that, you might as well pay it, unless you are getting interest on your current account.