Bank Switching DD's by charity each month

fiisch

£1 a month won't cover the huge salaries the charity's CEO's command either......

betman

EachPenny wrote: »

Can you please let us know where he says this - specifically the £1 bit.

You need direct debits. You'll usually need direct debits to be switched - you could simply set up £1/mth direct debits to charity to do this (and give a little back too). From todays big headline article in weekly letter

EachPenny

aroominyork wrote: »

bowlhead's post #3 at this link states it excellently.

Can someone please post a link to Martin's 'advice'? He needs to be brought to task about this.

It's here:-
https://www.moneysavingexpert.com/latesttip/

You need to scroll down to where it says "PART 2: Become a bank tart - if you're willing to play, combine accounts to make £1,000+ over time" and then keep going to the bit that says "You need direct debits"

The worst bit is the article is not aimed at people opening accounts and keeping them for savings (i.e. long-term DD's which might recover the admin costs in time) but instead is aimed at the "tarts" who will open the account and then switch again as soon as the bonus is secured.

All the arguments about £1 DD's generating a profit for the charity would appear to be nonsense if they only pay out three maybe four times before they get switched (or cancelled).

EachPenny

18cc wrote: »

I would not worry I did a while ago contact a few charities to try and find out what the cost of direct debit processing were this was on a thread several months ago here in any case what I remember it worked out about 15p on average so a £1 direct debit but still give them 85p this does not include across the cost of admin etc which I don't know if the charity has those costs

And that is the point being made by several people... none of us really know what admin costs charities have when dealing with DD's - especially short-lived ones.

surreysaver

EachPenny wrote: »

And that is the point being made by several people... none of us really know what admin costs charities have when dealing with DD's - especially short-lived ones.

One would have thought that the charities would stipulate minimum amounts if this was an issue

ValiantSon

surreysaver wrote: »

One would have thought that the charities would stipulate minimum amounts if this was an issue

Not really. They don't want to discourage people from donating and hope that people will continue to donate for a long time.

I was, frankly, shocked by what I read in this week's e-mail. I'm all for showing peopele how to maximise their money, but I really felt that this week's e-mail over-stepped the mark by encouraging "tarting" related to charity DDs. There is a morality issue here, and I don't subscribe to the view that everything is fair game and the benefit to the individual is paramount.

fiisch

ValiantSon wrote: »

Not really. They don't want to discourage people from donating and hope that people will continue to donate for a long time.

I was, frankly, shocked by what I read in this week's e-mail. I'm all for showing peopele how to maximise their money, but I really felt that this week's e-mail over-stepped the mark by encouraging "tarting" related to charity DDs. There is a morality issue here, and I don't subscribe to the view that everything is fair game and the benefit to the individual is paramount.

Sorry, but that's ludicrous. The charities could very easily up their minimum amounts for DD's, but choose not to because the commercial negatives outweigh the positives. Absolutely fair game - although I baulk at the idea of giving £1 a month to charity personally... it's £1 too much.

EachPenny

fiisch wrote: »

Sorry, but that's ludicrous. The charities could very easily up their minimum amounts for DD's, but choose not to because the commercial negatives outweigh the positives. Absolutely fair game - although I baulk at the idea of giving £1 a month to charity personally... it's £1 too much.

If you've read bowlhead99's post linked to above and still feel that way, well fair enough then.

ValiantSon

fiisch wrote: »

Sorry, but that's ludicrous. The charities could very easily up their minimum amounts for DD's, but choose not to because the commercial negatives outweigh the positives. Absolutely fair game - although I baulk at the idea of giving £1 a month to charity personally... it's £1 too much.

It isn't ridiculous at all. They could increase the minimum direct debit, but this would likely reduce the number of people signing up. The charities look for regular contributions, rather than one-offs. Regular contributions are more valuable, but people using these for a short term personal gain doesn't benefit the charity, rather it costs them.

Your comments, however, suggest that you don't share my view towards helping those less fortunate, so there probably is little point trying to debate this with you as your moral compass is completely out of kilter. Best wishes with your solipsistic view of the world: may you reap what you sow.