Savings accounts accepting DD's

Roseanne1

Does anyone on here use Plum at all to deposit amounts monthly. When I try to type a message saying I want to deposit £50 monthly, I get a message saying they don't understand.:rotfl::rotfl:

I don't want them to take money automatically because I want to have some control over what is going out of my account.

surreysaver

Roseanne1 wrote: »

Does anyone on here use Plum at all to deposit amounts monthly. When I try to type a message saying I want to deposit £50 monthly, I get a message saying they don't understand.:rotfl::rotfl:

I don't want them to take money automatically because I want to have some control over what is going out of my account.

Can you arrange a regular deposit? You might just have to do it ad-hoc

Roseanne1

surreysaver wrote: »

Can you arrange a regular deposit? You might just have to do it ad-hoc

I thought you could but can't find anything and their web chat thing isn't open now until Monday.

Herbalus

Roseanne1 wrote: »

I believe the final day for the DDs is 22nd so I'd expect they would cancel any dated 23rd onwards.

Im curious about ones dated 22nd. As that happens to be Sunday. So payments would be pushed back to Monday.

youngretired

If Plum is like Chip then there is no automatic regular monthly saving that you can request, you need to do it manually when you want it to be done. I do 4 manual request straight after 1 another (though Chip you need to leave 24hrs between each 1) to fulfil my Co-op account.

Roseanne1

Herbalus wrote: »

Im curious about ones dated 22nd. As that happens to be Sunday. So payments would be pushed back to Monday.

Yeah, that crossed my mind too.

surreysaver

youngretired wrote: »

If Plum is like Chip then there is no automatic regular monthly saving that you can request, you need to do it manually when you want it to be done. I do 4 manual request straight after 1 another (though Chip you need to leave 24hrs between each 1) to fulfil my Co-op account.

Me too. I normally find the automatic ones are sufficient, but keep an eye on it during months with Bank Holidays in them

Herbalus

Roseanne1 wrote: »

Yeah, that crossed my mind too.

I think the sloppiness of my post caused you to think I'd just repeated what you said.

I have some DDs dated 22nd, which I would expect to go through. The actual day of debiting though will be 23rd, as 22nd is a Sunday. The query is whether the DDs from 22nd will go through and be dated 22nd.

The reasoning is banks are aware of the 'pull' on at least the working day prior to the day of debit. So if Tesco have not cancelled DDs planned on 22nd, these should already have been communicated to the banks that will send the money. NatWest used to reduce customer's available balance prior to the weekend if any DDs landed on the weekend. Where other banks do not, the order should be in the system for Sunday, which will then default to Monday and be paid as Tesco will not have time to cancel.

Same principle with today. Tesco have not said they have cancelled DDs on 21st, so banks should have instruction to pay them on next working day, which is 23rd.

EarthBoy

Doesn't the direct debit process start two or three working days before the actual payment date? In which case, DD payments due on the 23 April will have been initiated last Wednesday or Thursday, so the payments might still go through.

When Tesco say they will cancel DDs on 23 April, are they referring to the payment due date, or the date they start to initiate the payments?

soulsaver

EarthBoy wrote: »

When Tesco say they will cancel DDs on 23 April..

To be accurate, Tesco didn't say 23rd, they said they'll be automatically cancelled on the 22nd.