continuous payment authority question

zongle · 25 June 2013 at 6:38PM

Hi Guys,

If I have some continuous payment authority setup on my account, what time in a morning do they normally get taken out? Like a DD gets taken out about 5pm.

Cheers,
Zongle

Apples2 · 25 June 2013 at 6:58PM

Whenever they feel like it.

Could be 12.01am, 11.59pm or anything in between.

Cancelling it for a loan repayment is like taking out another loan for that payment, they will charge you handsomely for it.

zongle · 25 June 2013 at 7:03PM

Would it help if I cancelled my debit card?

Apples2 · 25 June 2013 at 7:05PM

No because you have already authorised the withdrawal. Doesn't matter what happens to your card now.
Consider it like you already made the payment but they are slow in taking it out of your bank.

Edit. If you want to stop the money leaving, no matter what the horrible consequences will be, cancelling the continuous payment authority is the right thing to do though.

zongle · 25 June 2013 at 7:37PM

When I get paid on Friday and transfer the money straight out, can the bank stop me from doing that if the company has already tried to collect the money last month?

Apples2 · 25 June 2013 at 7:50PM

The bank cannot stop you withdrawing your own money but they might get in first.

zongle · 25 June 2013 at 8:00PM

Even if I transfer it as soon as it goes in?

meer53 · 25 June 2013 at 8:07PM

zongle wrote: »

Even if I transfer it as soon as it goes in?

If there is no money in your account, it can still debit. You'll just be charged then. Cancel the CPA then call your bank to let them know you've cancelled it.

zongle · 25 June 2013 at 8:16PM

What do u mean they will charge me? Would that happen straight away? Or would I havr chance to get the money out?

pmduk · 25 June 2013 at 8:21PM

The money could take you overdrawn leading to bank charges. If the transaction fails, the organisation charging you could possibly levy their own charges.