A question about the DD set up on my ING account

Legacy_user

When i opened my account with ING about 12 months ago, a Direct Debit appeared on my bank account. Whenever i pay money into my account i transfer the money directly from the bank account into ING and as far as i am aware, i have never used the Direct Debit set up on my bank account.

I am funny where direct debits are concerned, if i dont use them or dont recognise the name i delete them immediately but what would happen to my ING account if i deleted the ING Direct Debit mandate?

heatherw_01

A DD is needed on the account in order to be able to set up the ING account.

I would give them a ring about it.

Stonk

Are you saying that when you move money from your current account to ING, that you "push" it there by initiating the action on the current account side?

I have only ever done it the other way round, i.e., initiating the transfer from the ING website. Doing it this way certainly uses the direct debit facility - they request the money throught the DD agreement you have set up.

I was not aware one could transfer into ING the other way, but I am interested in knowing how it is done. In particular, I am not aware of the sort code of the ING account, which surely a transfer instruction will require.

heatherw_01

No, you can only transfer from ING but they do that via a DD

Why do I have to set up a direct debit in order to open an ING Direct Savings Account?

We need to have an electronic link set up between your ING Direct Savings Account and your current account in order to enable you to make withdrawals and deposits quickly and efficiently, either on the telephone or over the web.
The system used is the direct debit system which on your instruction, enables withdrawals and deposits to be carried out between your Savings Account and your current account.
Under no circumstances is money taken from your current account either as a one off payment or on a regular basis, unless you instruct us to do so. You remain completely in control of any transactions.
You can also deposit money into your Savings Account by posting a cheque to our Freepost address. Having an electronic link set up between your Savings Account and your current account enables us to keep our costs low as other forms of moving money are more expensive for us. As a result, this means that we can continue to pay you a high rate of interest on your savings.

cloud_dog

The DD needs to be set up otherwise how else are you going to get the money out (from ING to your bank account).

cloud_dog

lipidicman

Even if you could 'push' money - this would be a four day transfer - losing interest. A DD takes a few days to enact, but the transfer is same day (ie it leaves one account and arrives at the other same day, but a few days after you request it) so less interest is lost

So LEAVE the DD!

jimclark1967

You can "push" money into ING (I've done it) their sort code is 40-61-98 which you can find in the "Move my Money" section of the site.

It's useful if you need to transfer from a savings account that can't accept direct debits (or even a credit card)

Otherwise it's best to use the DD for reasons given above by lipidicman.

:j

Debt_Free_Chick

The DD on your ING Account is entirely under YOUR control i.e. you instruct the DD to pull money from your linked current account. You can set it up for a one-off payment or monthly savings amounts. This is not the same as a DD for a bill, where the company debits what they want - you debit what YOU want and when

System

jimclark1967 wrote:

You can "push" money into ING (I've done it) their sort code is 40-61-98 which you can find in the "Move my Money" section of the site.

It's useful if you need to transfer from a savings account that can't accept direct debits (or even a credit card)



:j

I have only 'pushed' money into the account, and never 'pulled' it so to speak, but i guess i ought to explore the site a bit more. I did try ringing ING earlier but got lost in a sea of options. Will try again tomorrow then when i have a little more time.

The DD needs to be set up otherwise how else are you going to get the money out (from ING to your bank account).

I have never taken out money from my ING account so i havent come across this before - but i take your point.

I think i will have to have a more detailed browse round the site and see if i can answer my own questions.

lipidicman

cloud_dog wrote:

The DD needs to be set up otherwise how else are you going to get the money out (from ING to your bank account).

AFAIK the DD isnt used for withdrawals from ING, only paying into ING
(I could be getting confused with A&L, but I think they are the same, dont use ING much)

Stonk

AFAIK the DD isnt used for withdrawals from ING, only paying into ING

Agreed.

Direct *Debit* is for debits, i.e., you have a Direct Debit set up on your current account for debiting money therefrom.

Transferring the other way uses some other mechanism. BACS, perhaps? It appears on my statement as "BGC" ("Bank Giro Credit", I think). I suspect you lose interest when doing so, because the money vanishes from the ING statement on day 1 and appears in the current account on day 3.