Can they insist payment only by BACS?

POPPYOSCAR

M&S recently had a rights issue.

Anyone who did not take it up has had their entitlement sold.

M&S are insisting the payment due to sharehholders is made by BACS and will not send a cheque or add to the shareholder card as they usually do for dividends.

They also refuse to make payment and then delete the bank details keeping them on file.

I was just wondering if they can actually do this.

davidmcn

I don't see why not.

Boomslang

Ask them to donate the money to charity if you don't want it.

JJ_Egan

They can do what they want in the T&C of a rights issue .

molerat

I do hope you have not got SSE shares then as after September's dividend payment BT will be the only way to receive payments and I suspect many more will follow.

Fosterdog

If you don't want them to have your bank details you could always set up a new account with a different bank just for this and any future similar payments then transfer it to your main account as soon as it clears. I wish my shares would be paid by BACS, I work during normal banking hours and have had a dividend cheque sat in the house for just over 4 months waiting for me to have a day off to actually pay it in. A BACS payment would save me the bother.

mark55man

Fosterdog wrote: »

If you don't want them to have your bank details you could always set up a new account with a different bank just for this and any future similar payments then transfer it to your main account as soon as it clears. I wish my shares would be paid by BACS, I work during normal banking hours and have had a dividend cheque sat in the house for just over 4 months waiting for me to have a day off to actually pay it in. A BACS payment would save me the bother.

many smartphone banking apps let you pay in cheques from home. eg HSBC and I'm sure others

DoaM

mark88man wrote: »

many smartphone banking apps let you pay in cheques from home. eg HSBC and I'm sure others

The Bank of Scotland app offers this feature too. Good suggestion.

(Not that this helps the OP)

POPPYOSCAR

I just find it so wrong that they can keep your bank details on file when you have asked for them to be removed.

This does not seem right to me.

All our divs are paid onto our shareholder cards anyway so they have no need to keep our bank details.

The lady I spoke to said they have had a lot of complaints, more than they thought they would about this.

POPPYOSCAR

Fosterdog wrote: »

If you don't want them to have your bank details you could always set up a new account with a different bank just for this and any future similar payments then transfer it to your main account as soon as it clears. I wish my shares would be paid by BACS, I work during normal banking hours and have had a dividend cheque sat in the house for just over 4 months waiting for me to have a day off to actually pay it in. A BACS payment would save me the bother.

I thought most gave you a choice now?

davidmcn

POPPYOSCAR wrote: »

I just find it so wrong that they can keep your bank details on file when you have asked for them to be removed.

This does not seem right to me.

If knowing somebody's sort code and account number was really a big risk, they'd never send out any cheques (as those include their own sort code and account number).