Do my 2 "Active Direct Debits" have to be from different sources?

uberjason

Hi,

I have two Tesco Internet Saver accounts because you can 'pay in' to these accounts via a direct debit from yourself enabling me to meet the requirement on my current account. This is working well.

Question is, I want to switch to the coop for the bonus and it requires 4 direct debits. Would I be able to create these direct debits from my existing accounts so that I have two on each. It would be 4 direct debits but only from 2 sources.

Does anyone know if this would work? Is the direct debit requirement simply number of is it unique source too?

Any help my appreciated.

EarthBoy

No, you can have multiple DDs paying into one Tesco account if they all come from different current accounts, but can't have multiple DDs paying into one Tesco account from the same current account. This wouldn't be separate DDs, it would be the same DD just paying more often.

You can use four direct debits from Tesco if they come from four separate Tesco accounts. If Tesco will let you have four savings accounts, of course.

uberjason

EarthBoy wrote: »

No, you can have multiple DDs paying into one Tesco account if they all come from different current accounts, but can't have multiple DDs paying into one Tesco account from the same current account. This wouldn't be separate DDs, it would be the same DD just paying more often.

You can use four direct debits from Tesco if they come from four separate Tesco accounts. If Tesco will let you have four savings accounts, of course.

I suspected this may be the case, thanks for the clear answer.

beefturnmail

EarthBoy wrote: »

No, you can have multiple DDs paying into one Tesco account if they all come from different current accounts, but can't have multiple DDs paying into one Tesco account from the same current account. This wouldn't be separate DDs, it would be the same DD just paying more often.

You can use four direct debits from Tesco if they come from four separate Tesco accounts. If Tesco will let you have four savings accounts, of course.

Actually I don't think this is quite right. You can set up multiple direct debit mandates from the same account to the same Tesco Savings account (I have done this - just set up the donor account as a regular payment multiple times via the Tesco savings account - these then show as separate dds on the donor account)

The Co-op terms and conditions just say "8.2: Switch in a minimum of four active direct debits to your new current account which must remain active until the incentive payment is made". There is no mention of these being to different sources.

alternate

People have and do use the "four DD all to the same Tesco saver" thing to get the monthly co-op reward. I don't know if anyone has done that to get the switch though. I suspect if it works for one it would work for both.

EarthBoy

beefturnmail wrote: »

Actually I don't think this is quite right. You can set up multiple direct debit mandates from the same account to the same Tesco Savings account (I have done this - just set up the donor account as a regular payment multiple times via the Tesco savings account - these then show as separate dds on the donor account)

How does this work then? Wouldn't the DDs all have the same reference no., because they're going to the same Tesco account? How would the Coop tell one from another?

Ed-1

EarthBoy wrote: »

How does this work then? Wouldn't the DDs all have the same reference no., because they're going to the same Tesco account? How would the Coop tell one from another?

The crucial thing is that there are 4 direct debit mandates. When we're talking 4 direct debits we mean 4 separate mandates, not 1 mandate pulled from 4 times.

It is possible to have one Tesco savings account and set up 4 direct debit mandates all to the same current account. What you need to do when setting them up is put a different account nickname in - a new mandate will then be set up each time.

ashnojutsu

Ed-1 wrote: »

The crucial thing is that there are 4 direct debit mandates. When we're talking 4 direct debits we mean 4 separate mandates, not 1 mandate pulled from 4 times.

It is possible to have one Tesco savings account and set up 4 direct debit mandates all to the same current account. What you need to do when setting them up is put a different account nickname in - a new mandate will then be set up each time.

I'm trying this out right now, will let you know once my switch completes.

xylophone

A relative had an old account that he barely used.

He set up 4 DDs on this account ( two on Tesco Internet Saver and two on the Tesco Everyday Saver) for different dates in the month and with different nicknames.

He waited for each to pay out once then switched to the Co-op.

He received the switching bonus about four weeks after the switch completed and now cycles £800 a month through the account so as to receive the reward.

mt99

Another way to get a direct debit is to open a Paypal account and then use 'request money' to pull money into the Paypal account by direct debit from your linked account. You have to logon to Paypal and do it manually but if it's only once a month for a short period until the switch completes....

ashnojutsu

xylophone wrote: »

A relative had an old account that he barely used.

He set up 4 DDs on this account ( two on Tesco Internet Saver and two on the Tesco Everyday Saver) for different dates in the month and with different nicknames.

He waited for each to pay out once then switched to the Co-op.

He received the switching bonus about four weeks after the switch completed and now cycles £800 a month through the account so as to receive the reward.

Is having 2 different dates necessary? I thought once the DD's were named differently, the mandates would setup with different references and mandates numbers? I guess better to be safe than sorry.