Savings accounts deposits by Direct Debit? UPDATED

Consumerist

An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly STRIKE]from[/STRIKE into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?

ceredigion

IanManc wrote: »

The terms and conditions say:

6.3.5 at least four Direct Debits must be paid from the Nominated Account during that Calendar Month

That's four direct debits, not one direct debit four times. It isn't a hard concept to grasp.

Consumerist wrote: »

An "active" direct debit may not actually be paid out during the switching period (e.g. Council Tax paid in 10 instalments annually) but to qualify for Everyday Reward payments the direct debit must actually be paid out. I trust that the difference in now clearer to you.

But where in the Ts&Cs does it clarify the subject of this discussion - Is a DD paid weekly STRIKE]from[/STRIKE into the same account regarded as four/five DDs paid monthly to qualify for the reward payment?

Whereas the poster may be incorrect in his assumption, you have absolutely no evidence to support your opinion that he/she is wrong. Do you?

I have had a posted deleted on this subject in the last 24hours and I have no intention of offending or upsetting anybody. So after this I shall bow out of the argument.
However , I would like to say politely that my interpretations of the T&C's is the right one. How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive . Which ive actually had 3 times out of co-op , which is what you get by being able to read , comprehend and understand what is not written in the published conditions.
I don't care if you believe me or not , its no skin off my nose, I only engaged in this conversation in the first place to try and help others out and make their lives simpler. Shan't bother next time .

Consumerist

ceredigion wrote: »

I have had a posted deleted on this subject in the last 24hours and I have no intention of offending or upsetting anybody. So after this I shall bow out of the argument.
However , I would like to say politely that my interpretations of the T&C's is the right one. How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive . Which ive actually had 3 times out of co-op , which is what you get by being able to read , comprehend and understand what is not written in the published conditions.
I don't care if you believe me or not , its no skin off my nose, I only engaged in this conversation in the first place to try and help others out and make their lives simpler. Shan't bother next time .

It is not clear to me then why you glibly advised the poster to revisit the Ts&Cs, knowing they do not address the issue being discussed - and then go on to accuse him of spreading fake news.

That said, I thank you for posting your experience with Co-op Bank which will be useful information. I would just add that what is acceptable to Co-op Bank may or may not, however, be acceptable to other banks.

greenglide

There is always scope for differences between what is stated I the terms and conditions (and, of course, how it is interpreted) and how it is implemented in the IT.

Just because the terms and conditions intended that they are four different direct debits (and it is open to debate how to interpret this) the IT may not check this - it may be difficult or effectively impossible to implement this. We cannot know what constraints are present on this IT solution.

And it simply bug! It may never work or only in certain limited circumstances.

Jimmmeh

ceredigion wrote: »

(...)How do I know this for certain, I have been receiving the £4 reward from co-op on the basis of 1 direct debit mandate that pays out once a week and have done so since month 3 of this incentive being released onto the market. Prior to that there was 4 direct debits set up on the account in order to qualify for the switching incentive(...)

Thanks ceredigion, this is very helpful, although no need to be agressive saying things

Does anyone have further exprerience about if this is valid with:
- TSB
- Halifax

I know for instance Tesco Bank asks for direct debits to be from different providers! So this would not be valid.

Consumerist

Jimmmeh wrote: »

. . . Does anyone have further exprerience about if this is valid with:
- TSB
- Halifax

I think the best guide would probably be from the wording of the Ts&Cs for each bank. If the wording specifies a specific number of DDs (without further qualification) then it would probably be ok. If, however, the wording specifies a number of "different" DDs then I would think payments to a different account number would be required for each DD.

tebthereb

Which West Brom and AA accounts allow you to make deposits to them by Direct Debit, please?

tebthereb

tebthereb wrote: »

Which West Brom and AA accounts allow you to make deposits to them by Direct Debit, please?

Can anyone point me in the right direction, please? I have looked and it was not clear to me.

Archi_Bald

It is quite possible they no longer provide this option. If you can't find it, they probably don't offer it any longer.

tebthereb

Archi_Bald wrote: »

It is quite possible they no longer provide this option. If you can't find it, they probably don't offer it any longer.

Thank you. You are right of course but I thought the OP was maintained.

I need to find three banks offering the facility to deposit by DD to meet the new Tesco current account requirements - what do people recommend?

I would rather not lose money so am only looking to use bank accounts to meet the DD requirements.