How soon can first Tesco Saver DD be set up?

Kernel_Sanders

This thread originally entitled 'Tesco Saver DD waiting time now nearly a fortnight'

I got a Tesco Internet Saver account set up late last night (Thursday 29th) hoping to get a direct debit paid to it on 2nd November. Contrary to what has been reported on this board, the first available DD date is 11th November. This was for both the initial deposit and the regular DD I set up; I tried altering the suggested date to 2nd Nov but a red warning message came up confirming no DDs available until the 11th. Thought a new thread would alert people planning DDs.

AlwaysLearnin

I think that the DD 'in a couple of days' type comments that you might be refering to relate more to the time it takes for the DD to SHOW on the account that funds are being requested from, not for the amount to actually be taken.

B_G_B

Kernel_Sanders wrote: »

I got a Tesco Internet Saver account set up late last night (Thursday 29th) hoping to get a direct debit paid to it on 2nd November. Contrary to what has been reported on this board, the first available DD date is 11th November. This was for both the initial deposit and the regular DD I set up; I tried altering the suggested date to 2nd Nov but a red warning message came up confirming no DDs available until the 11th. Thought a new thread would alert people planning DDs.

For as long as I have used these accounts, the initial DD mandate to a current account could only be set up minimum 10 working days in advance. Once set up, then any additional pulls / frequency change /amount changes etc from the same account, only require ~3 working days. Any additional new current account pull will need a new mandate (10 days).

Although 10 days is required for initial setup, the DD has always shown up on my current account in 3-5 working days, although sadly this is of no help if you need an urgent one.

colsten

The DD amount will be taken from your current account on exactly the date you have set it up for. It is perfectly normal that you need to allow about 10-15 working days before the first payment can be taken.

In the case of Tesco DDs, they will show in the list of DDs on your current account within 2-5 working days of setting up the DD.

It's always been like that, nothing new.

The title of this thread is very misleading and it would be good if the OP could change it.

takman

I opened a Tesco account to draw money from a Natwest account and the Direct Debit only showed on the account on the day it took payment.

colsten

takman wrote: »

I opened a Tesco account to draw money from a Natwest account and the Direct Debit only showed on the account on the day it took payment.

I think you are right, Natwest (/RBS/Ulster) only show DDs once they get paid for the first time. I have not seen this slightly strange process with any of the other banks - certainly not with Lloyds, which is why the OP started this thread in the first place.

macman

Send it by bank transfer rather than DD?

Mr_Goodkat

macman wrote: »

Send it by bank transfer rather than DD?

OP likely needs a DD out of a newly set up current account to get - switching bonus, monthly interest, free fivers from Halifax etc.


OP what is going to be the impact of not getting the dd set up until later in the month? Is it switching incentive as most other requirements for actually paying rather than setting up dd's are calendar month?

colsten

Mr_Goodkat wrote: »

OP what is going to be the impact of not getting the dd set up until later in the month? Is it switching incentive as most other requirements for actually paying rather than setting up dd's are calendar month?

Judging by this thread, it's about a few days worth of interest from a Club Lloyds account that cannot pay out any DDs before the interest for October gets calculated (because the OP left it too late). Max potential "loss" is £2.15 before tax.

Mr_Goodkat

colsten wrote: »

Judging by this thread, it's about a few days worth of interest from a Club Lloyds account that cannot pay out any DDs before the interest for October gets calculated (because the OP left it too late). Max potential "loss" is £2.15 before tax.

Shall we have a whip round?


Lets hope the OP hasn't moved the money from an interest paying account or the losses could be a few pennies more!!!


Always worth fully understanding terms and conditions before opening new accounts - as a rule I try to do it early in a month so that I can maximise the immediate benefit of interest on the money transferred from lower paying accounts elsewhere and to give me time to ensure any qualifying criteria is met e.g setting up and even paying out direct debits as required!

tg99

colsten wrote: »

I think you are right, Natwest (/RBS/Ulster) only show DDs once they get paid for the first time. I have not seen this slightly strange process with any of the other banks - certainly not with Lloyds, which is why the OP started this thread in the first place.

Yep I had this with both my Natwest and RBS accounts that I set up Tesco DD with that I was using for donor accounts - had to phone Natwest/RBS couple of days after I set up the DD and they confirmed to me over phone that these DD mandates were now active and registered on my account (which is all I needed in order to be able to get the switch incentive to those banks requiring DD since they just have to be active and showing on your account rather than having had to have had a payment taken before being switched over).