Penny direct debits?

anoncol

polymaff wrote: »

Oh, it can be done by DD, but as there are far more accounts that support account-holder-initiated SOs than DDs, it's a rather eccentric use of a DD.

Its not eccentric if the purpose is to fulfill a DD requisit.

polymaff

anoncol wrote: »

Its not eccentric if the purpose is to fulfill a DD requisit.

I don't doubt that it is to fulfill the DD requirement, but it ties up more capital than necessary for longer than necessary and restricts/complicates the return of that capital.

planteria

yes, i guess so too

Dan83

badger09 wrote: »

Dan83 hasn't replied.

He's been active on the forum since his post above on 29 January.

I suspect he meant Standing Orders, rather than Direct Debits;)

Hi,
Sorry, I didn't check the thread again for more comments.

There is a well know bank that allows you to set up direct debits with some accounts.

Do a search on here and find out what bank.

Dan83

The purpose of it is the meet the T&Cs of the account, pay in £800 and have 2 direct debits. I'm paying in £800 by standing order, then the £800 is being pull back via 2 £400 direct debits, it's pretty simple.

I could of times the dates abit closer together so I don't loose as much interest, but I left a 5 day gap to factor in weekends and bank holidays. There is £20 in the Barclay account so if the £800 came out before it went in, I'd have over draft fee's.

Also the £4 per month more then covers the interest I loose on £800 at 3%.

colsten

Dan83 wrote: »

Hi,
Sorry, I didn't check the thread again for more comments.

There is a well know bank that allows you to set up direct debits with some accounts.

Do a search on here and find out what bank.

It still doesn't make sense. You posted the following originally:

My Barclays account needs 2 direct debits and £800 per month. Direct debits are set for around 15th and 16th of the month, I've set up a standing order to move £800 in around the 10th.

The £800 then comes back via 2 £400 direct debits.

badger09's question was: to which of your accounts can you return 2 x £400 per month by direct debit? This question remains.

The account at the well known bank that allows you to set up DDs doesn't support SOs. AFAIK, no bank or Building Society offers an account with both, SO and 'personal' DD facilties.

colsten

Dan83 wrote: »

The purpose of it is the meet the T&Cs of the account, pay in £800 and have 2 direct debits. I'm paying in £800 by standing order, then the £800 is being pull back via 2 £400 direct debits, it's pretty simple.

You can't DD it back into the account you SOed it from.

Dan83

A standing order is set up, it pays £800 into a bank account, I have 2 direct debits set up, for £400 (totals £800) to send the money back to the same bank where it originally came from, it really is simple.

colsten

Dan83 wrote: »

A standing order is set up, it pays £800 into a bank account, I have 2 direct debits set up, for £400 (totals £800) to send the money back to the same bank where it originally came from, it really is simple.

DDing it back to the same bank isn't the same as DDing it back to the same account it was SOed from. Which was what the question was about.

Dan83

badger09 wrote: »

May I ask, to which of your accounts you return 2 x £400 per month by direct debit?

In my experience, there are very few personal accounts which allow you to set up direct debits. Most direct debits have to be set up by the organisation whose bill you are paying.

There are accounts out there that allow you to set up direct debits.

The question has been asked a lot do look through old threads to find out what bank.