What is an active DD?

fly-catchers

I was thinking of moving my old Cahoot account to the Coop and get the benefit of the £100 transfer. They mention on their T&Cs are needing two "active" DD or standing order. Currently my Cahoot has a DD to my Virgin ISA which is being used. And a DD to a barclaycard which I have not funded for some years now. But is still listed by Cahoot. So would that count as active or not? I do still have the card which is renewed every so often but the benefits it gave when I first got it no longer apply. My wages are in another bank so the funding of £800 to the Coop would be transfered from that bank over the month. Any other snags I need to be aware of?

thanks

YorkshireBoy

An "active" DD, in this case, is one that hasn't lapsed under the dormancy rules (ie 13 months of non use).

The Barclaycard DDI, although still showing in your Cahoot online banking area, will have lapsed by now...but you won't find out until it's called, and subsequently rejected (reason 6 no instruction) by Cahoot.

If you need another payment to switch just set up a SO to another of your (or a close family member's) accounts.

pollypenny

I thought that SOs didn't count when the bank account asks for DDS.

Archi_Bald

pollypenny wrote: »

I thought that SOs didn't count when the bank account asks for DDS.

They don't when banks ask for DDs but they do when banks ask for DDs or SOs.

pollypenny

Unfortunately most of the good payers ask for DDs I think.

I have just set up a DD to pay my Debenhams account. However, I don't owe every month, is that likely to be still valid?

GingerFurball_2

Obviously each bank will differ but I'd bave thought you need the Direct Debit to be paying out, not just sitting there set up.

colsten

Halifax and Lloyds are asking for 2 different, monthly paying, DDs. Santander just require 2 DDs, they don't insist on them paying monthly. It isn't difficult to oblige either way - there is plenty of information on the forum about it. Even a dedicated thread about savings accounts with DD capability.

YorkshireBoy

pollypenny wrote: »

Unfortunately most of the good payers ask for DDs I think.

What do you mean by "good payers"? Interest/Rewards or switching incentives? If switching incentives, as this thread is about, then...


First Direct (£100) - don't require any DDs or SOs to be switched.
Halifax £100) - don't require any DDs or SOs to be switched.
M&S (£100 gift card) - don't require any DDs or SOs to be switched.
Co-op (£100) - "You'll need to switch at least 2 Direct Debits or standing orders."


If Interest/Rewards, which this thread is not about, then just Halifax, Lloyds, and Santander...but none of them require you to 'switch' DDs, just have them set up and, in the case of the first two, pay out each month (Santander doesn't need to pay out).