M&S bank switch now requires 4 DDs

ceredigion

PRAISETHESUN wrote: »

You've raised an interesting point - I'm not 100% sure if a single mandate paying out weekly will satisfy the conditions here - can anyone confirm this one way or another?

No
Four active to get the incentive and two to gain access to the RS

alandaniel132

M&S bank twitter replied:
you need two separate active Direct Debits. One Direct Debit claiming twice a month will not qualify under the terms and conditions of the switch incentive. ^WH

alandaniel132

ceredigion wrote: »

No
Four active to get the incentive and two to gain access to the RS

What is RS?

PRAISETHESUN

alandaniel132 wrote: »

What is RS?

RS = 5% regular saver account

alandaniel132

Tesco bank replied:
thanks for getting in touch. As long as there is 3 direct debits showing on the account, you will still get the 3% interest

Conclusion: M&S bank cannot. Tesco Bank can

zerog

I don't even have 4 genuine direct debits.... I have 6 credit cards which I only use to top up my Oyster by 5p a month in order to get DDs for my existing accounts (though it may no longer be worth it for Halifax's £2).

alandaniel132

zerog wrote: »

I don't even have 4 genuine direct debits.... I have 6 credit cards which I only use to top up my Oyster by 5p a month in order to get DDs for my existing accounts (though it may no longer be worth it for Halifax's £2).

Do you mean top up Oyster card using credit card 5p every month, and then Direct Debit payment Credit card?

OceanSound

xylophone wrote: »

M&S require that the DDs be active, not necessarily monthly paying.

According to directdebit.co.uk a direct debit becomes inactive 13 months after lodgement of instruction (in the event of no collections) or date of last payment:

What happens when a Direct Debit is inactive?

This is covered by the dormancy period rule. All banks hold details of Direct Debit Instructions on file for a minimum period of 13 months from lodgement of the Direct Debit Instruction, in the event of no collections, or from the date of the last payment. After the dormancy period has passed, the bank will remove details of the Instruction from their system. Before claiming further Direct Debit payments the organisation must obtain a new Direct Debit Instruction or your authority to continue collecting. If this is not done your Direct Debit payment may be returned by your bank.

However, I've been making sure the 2 M&S bank DD have been paying out (To be safe - if for any reason M&S bank claim that not paying out means it was not active). I just can't be bothered to test if DD not paying out will cause the incentive not to be paid out. If it didn't, I'd have to contact M&S support and they'll give me some random answer, which means I have to escalate it to complaints. They'll stick to their guns and tell me to complain to ombudsman.

I've spent so much time messaging their support team and complaints dept. for multiple issues. Already have three issues that need referring to the ombudsman.:(

Silver_Queen

I applied for my current account at the end of August, it was only opened at the beginning of October and the earliest available switch date was 29 October...just stumbled across this thread, I don't have 4 direct debits attached to the account I'm trying to switch, so have hastily tried to move direct debits over now. I'll be incredibly annoyed if I don't get that gift card now!

PRAISETHESUN

HSBC/M&S Bank/First Direct are all known for being slow when it comes to opening new accounts. It sucks I know, bit it's worth it in the end in my opinion for the benefits the accounts offer.


As far as I'm aware, the new switch incentives apply for applications made on or after 28th September 2018 (that's what the current T&Cs state), so if you applied before then you should be okay with just 2 DDs