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Direct Debits
monkeysareus
Posts: 14 Forumite
Hi can anyone let me know if banks hold details of all direct debits that have ever been on my account and whether they can let me know if they are "electronic" or "form based"
To give a bit more background, I had a dd that was coming out of my account and then found out it was for a accident policy that was originally issued free upto £1000.00 then increased to £20.000 and started charging me £4.95 a month, once I found out what it was I queried it and it was from 15 years ago.:eek:
To give a bit more background, I had a dd that was coming out of my account and then found out it was for a accident policy that was originally issued free upto £1000.00 then increased to £20.000 and started charging me £4.95 a month, once I found out what it was I queried it and it was from 15 years ago.:eek:
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can anyone let me know if banks hold details of all direct debits that have ever been on my account and whether they can let me know if they are "electronic" or "form based"
The records do get culled over the time. Back in my bank clerk days (and I was a direct debit clerk for a period back in the days when you had one) it was initially paper based with pieces of card in a filing cabinet. Over time, you would destroy old cards. When it moved to computer, it only showed current direct debits being paid. There was nothing to show if there was a paper mandate on file or not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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