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Bank charges for missed Direct Debit
joemcalliste
Posts: 2 Newbie
From a bank perspective what is the difference between my request from an ATM for more money than is in my a/c and a direct debit from a third party requesting money from my a/c to settle a monthly bill.
They seem like similar functions technically, yet the bank appears not to care about the ATM transaction while charging high fees for the latter!
Can someone explain the difference?
Thanks.
They seem like similar functions technically, yet the bank appears not to care about the ATM transaction while charging high fees for the latter!
Can someone explain the difference?
Thanks.
0
Comments
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From a bank perspective what is the difference between my request from an ATM for more money than is in my a/c and a direct debit from a third party requesting money from my a/c to settle a monthly bill.
The bank can take action with the direct debit, such as bouncing it. Whereas a cashpoint withdrawal cannot be bounced.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 -
Can you explain a little more? What exactly do you mean by bounced?0
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bounced is the term used when a payment is returned unpaid due to a number of reasons. Insufficient funds, cancelled mandate etc.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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