Switching with just 2 x £1 DDs?

MONEYTREE_2

I've applied for an account with a bank that is offering a big fat incentive. My application has been approved and the account opened.

I now need to set up 2 DD's on the old account, so that they are in place when the new bank closes the old account and switches its DD's to itself.

My question is, will the new bank really not gripe that both DD's are for just £1 each? I have read the T&C and I cannot see anything that specifies an amount. I guess if it's not in the T&C when we apply, they cannot "move the goalposts" without giving notice.

(Before anyone asks, my few utility DD's are paid from a 1-2-3 account that pays me cashback, so I do not want to move them.)

MT.

EachPenny

No, they probably won't care that they are only for £1.

But you may gripe if the DD's you are now setting up on the old account are not active by the time the switch takes place. The T&C's usually require active direct debits, and if the organisation you use is not fast in getting them set up then they may not be active in time.

It is generally safer to get your DD's set up and running before starting the switch process.

LXdaddy

^^^ what EachPenny said.

If you read the T&C for the switch incentive you will probably see that the DDs need to be active on the account. That means thay need to have paid out before the switch happens. If you are using the seven day switching process you'll probably be disappointed.

And to answer the original question - I have many DDs which are for either £1 plus some pennies or £2 plus some pennies and these meet the terms of the accounts. (The odd pennies are so that I can distinguish each one when they land on the account statement.

stuart30

Or in the case of M&S they can both be new DD"s with in the last 13 months...so brand new never used DD"s.

MONEYTREE_2

It's OK I have three months to switch, I am sure both DDs will have been collected by then. Besides which, it only says they have to exist, not paid (yet) if less than a year old.

Thanks for the reassurance!

MONEYTREE_2

"It is generally safer to get your DD's set up and running before starting the switch process."

That is what I am doing. The account is open and I have 12 weeks to switch. Many thanks x