Direct debit -is there normally a maximum amount?

brewerdave

Just set a internet savings account for OH with BM Savings to receive the proceeds of a maturing 3 year bond which are sitting in a current acc. - they seem to like to DD from our current account - but is there a max amount we can move at one time ??

Archi_Bald

The limit would be your account balance.

No_6

BM savings accounts look
are you sure you want to move money there !


6

ManAtHome

BM instant access looks ok at 1.6% if you want an instant access account...

badger09

ManAtHome wrote: »

BM instant access looks ok at 1.6% if you want an instant access account...

But it isn't instant access, in that most people expect instant access to include FP which arrive instantaneously :cool:

Archi_Bald

KRBS do a similar "instant access" account as BM do. 1.65% AER variable, no bonus, and you can deposit either by bank transfer or debit card.

The "instant" bit refers to the fact that there is no notice period for withdrawals. It doesn't mean they support FP, and they don't.

hoc

Archi_Bald wrote: »

The limit would be your account balance.

Can you provide source for this?

Are you certain transaction or daily limits do not apply to DD?

I have looked everywhere but can't find any info on this topic.

Archi_Bald

hoc wrote: »

Can you provide source for this?

sorry no I can't. Any particular reason for wanting to know more?

hoc wrote: »

Are you certain transaction or daily limits do not apply to DD?

yes

Ballard

I have seen a direct debit for about £8m for one of my customers which leads me to think that there is no upper limit.

HappyMJ

hoc wrote: »

Can you provide source for this?

Are you certain transaction or daily limits do not apply to DD?

I have looked everywhere but can't find any info on this topic.

Second Question on link ...

http://www.directdebit.co.uk/DirectDebitExplained/FAQs/Pages/DirectDebitForTeenagers.aspx

Does Direct Debit work for small bills as well as large?

Yes, there's no limit to the value of a Direct Debit.

hoc

Thanks for the responses.

I need to transfer an amount to a savings account that is above my bank's lowly 10k FPS transaction/daily limits, doing it in one go with DD without hassles (or fees with CHAPS) is the main reason I asked.

Also general curiosity.