Tesco Savings DDs

mt99

I dunno, 79p is better than nothing - more than most people put in a collecting tin ! Not sure how much support your charity has but 10,000 people @79p is not to be sniffed at.,

soulsaver

pearl123 wrote: »

How much does a charity get charged if you pay a pound every month to them?

Page 20 post #392 https://forums.moneysavingexpert.com/discussion/5730177

This small charity assures me their costs to process a regular DD is 'pence'. That may not be the same for other charities with more overheads.

The administrator also assured me they'll happily accept
£1 monthly DDs ...but wouldn't be happy with people setting them up and cancelling them after a couple of months.

gingercordial

mt99 wrote: »

I dunno, 79p is better than nothing - more than most people put in a collecting tin ! Not sure how much support your charity has but 10,000 people @79p is not to be sniffed at.,

From a pure financial sense yes 79p is better than nothing but it does come with a lot of potential hassle. I don't know how DDs are set up and initiated each month (maybe it is all automated, I have no idea), I don't know what happens when people cancel them and so on. I do all the accounting in the hour or so I can spare each month and I certainly don't have time to allocate another 10,000 transactions a month in Quickbooks! (Normally we'd have maybe 40-50 transactions a month; they pull through from our bank account but I do have to categorise each one.)

I also cannot imagine how I'd even begin to explain this wheeze to my fellow trustees to get approval - having recently had to obtain their financial histories for a bank account application, they have all loyally been with their single current account for 40-50 years and are not the type to understand/approve of this sort of thing. Nor do I fancy explaining to the auditors of the accounts or the members at the AGM as to our sudden massive uptick in very small donations from people not remotely interested in what we actually do or why.

Don't think I didn't think about it briefly... but fortunately we are not strapped for cash and so I will leave it to other charities to accept them if they want to. We are just too small to absorb the admin side.

ceredigion

badger09 wrote: »

Oooh the Irony

The epitome of irony is. Fast stooze a balance on to a Tesco CC and put the money in to a Tesco CA and use the DD elsewhere.

hgt

clivep wrote: »

I opened a SW Internet Saver account on Wednesday. Completion of the direct debit mandate was done during the online application process. They say "If we don’t need additional documentation, the process for setting up your Direct Debit Mandate and adding your initial deposit to your new account is already underway".

Will be interesting to hear how you get on with SW. I opened an account with them about 6 months ago, all was fine until they sent me a letter asking for me to send a certified copy of my passport to them. I couldn't be bothered with the hassle so got them to close the account.

I've opened many savings accounts with many different organisations, but never have I been asked for such a thing, thought it was very odd in this day and age where most ID checks are done electronically.

surreysaver

adindas wrote: »

I got a nice email from them recently asking me the purpose of opening the saving account. Of course I say "for saving full stop". I am not lying, are not I?

They're a funny lot at Scottish Widows

NoodleDoodleMan

I got a nice email from them recently asking me the purpose of opening the saving account. Of course I say "for saving full stop". I am not lying, are not I?

You should have told them you were a "made man" and were money laundering for the Mob !!!

adindas

NoodleDoodleMan wrote: »

You should have told them you were a "made man" and were money laundering for the Mob !!!

Lol, and they would cancel my AC

Maranta

I've just worked out that between me and my partner we will need about 30 direct debits to continue with our interest paying current accounts. Ouch!:(:(

hgt

adindas wrote: »

I got a nice email from them recently asking me the purpose of opening the saving account. Of course I say "for saving full stop". I am not lying, are not I?

I think SW just can't believe anyone would apply for an account at such a low rate! Sounds like they are starting to get a bit suspicious! Anyone who wants an account with SW should probably move quick.