Direct debit -is there normally a maximum amount?

HappyMJ

hoc wrote: »

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.

Are you sure you mean direct debit?

If you are sending money then you send money via a standing order. There's no limit on that either but it's not instant.

You can also send money via BACS and again that's not instant.

You can send FP's of £10,000 every day until you've transferred the lot over.

YorkshireBoy

HappyMJ wrote: »

Are you sure you mean direct debit?

Yes they do.

If you are sending money then you send money via a standing order. There's no limit on that either but it's not instant.

There are still limits with standing orders.

You can also send money via BACS and again that's not instant.

I didn't think personal accounts had access to BACS Direct Credit? Could you expand?

You can send FP's of £10,000 every day until you've transferred the lot over.

10 days for £100K doing it that way. £100K in 3 days (only 2 days loss of interest) if pulled by DD.

Archi_Bald

hoc wrote: »

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.

Very few savings accounts allow deposits by Direct Debt. If you have one of these exceptional accounts, and if they are not Tesco accounts, please can you share who this account is with and what it's called? As this would be of interest to many on here.

EDIT: Who is your current account provider? As some (e.g. First Direct) allow multiple £10K payments per day.

Archi_Bald

Ballard wrote: »

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.

YorkshireBoy wrote: »

10 days for £100K doing it that way. £100K in 3 days (only 2 days loss of interest) if pulled by DD.

It takes a rather brave / mad (delete as appropriate) person to keep more than £85K in their current account

xylophone

Re BM account mentioned

Linked Account - you'll need a 'Linked Account' which must be a UK bank or building society personal current account. The Linked Account must be in your name only or a joint account, but only if either of you can set up Direct Debits. The account you nominate as your Linked Account must be an account held at a bank within the UK. It must have the facility to have Direct Debits and must come with a cheque book. This account must be able to receive payments by the Faster Payment Service

Deposits - into your Birmingham Midshires account can be made by Direct Debit taken from your Linked Account, taking 3 bank working days to reach your account and will be immediately available on receipt


Withdrawals - we will move money from your account to your Linked Account by the Faster Payments Service. Faster payments will reach your account by the end of next bank working day

Interest- is variable, calculated daily and paid yearly on the anniversary of your first deposit. Interest payments to non Birmingham Midshires accounts will reach the account by the end of the next bank working day."

I have one of these accounts - I could choose to have BM "pull" from the linked account to make a deposit using the DD but in general if I want to deposit, I just make a FP from any bank other than the linked bank - if I check BM later that day I usually find that it has arrived.

With regard to withdrawals from BM, I have found that if I request a withdrawal in banking hours at any time except on Friday afternoon, it arrives in the linked account on the same day.

chris_m

Archi_Bald wrote: »

It takes a rather brave / mad (delete as appropriate) person to keep more than £85K in their current account

Unless, for example, it's the proceeds of selling a property, is less than £1M and won't be in the account for more than six months.

Or, as I will hopefully be doing within the next few months, rounding up my money from several accounts into one, then sending the whole lot in the direction of my solicitor's account in preparation for buying a house - definitely less than £1M, unfortunately.

Archi_Bald

Thanks xylophone. How many linked accounts does BM allow?

hoc

Yes, I mean DD when I say DD.

No, I didn't say it was over 85k. Anyway, as pointed out there can be valid reasons for having above FSCS covered.

I am moving from a Tesco current account. They have a 10k daily limit.

Archi Bald, are you alright mate? There's a thread discussing savings accounts with DD pulls, https://forums.moneysavingexpert.com/discussion/4168667 on which you have commented. It's not just Tesco that does this.

Archi_Bald

hoc wrote: »

Archi Bald, are you alright mate? There's a thread discussing savings accounts with DD pulls, https://forums.moneysavingexpert.com/discussion/4168667 on which you have commented. It's not just Tesco that does this.

I am indeed alright, and have known for ages about the thread you referenced.

I did ask you which bank / account you are intending to transfer to by DD.

But not to worry, as you don't want to help with information, I shall be happy not to give you any in future as I now got you on my ignore list.

hoc

I answered your questions and my response was not an attack but you have taken it personally and overreacted. You can read again and rethink your response or remain bitter, either way have a nice day.