So will Octopus keep to their word and start communicating with customers today?

vienly

When I joined Octopus and requested a switch to Intelligent they didn't ask for anything (done it all online)
When I sorted out my dads smart meter with octopus, and got him to join Octopus Go, nothing was required either.
When joining Go faster all they asked for was a number plate.

We both have EV's and not playing the system

MWT

bristolleedsfan said:

MWT said:

oliverbrown said:

After my Direct Debit leaves my bank account, it sits as "pending" on Octopus for a few days too. Octopus are a little nostalgic for cheques maybe.

DD batch processing is a little different to other payment methods, the instructions to debit the customers and credit the supplier are processed simultaneously, but at that point it is possible that a customer's account may contain insufficient funds, so there is a period of 3 working days following the payment date where the customer's bank can return the DD unpaid and recover the funds from the supplier's account.

So it is not until the 4th working day after the money left the customer's account that the supplier can be sure the customer did actually have the funds to make the payment.

This is why there is usually a delay before applying the payment to the account.

Your detailed explanation refers to "supplier" this is supplier specific to Octopus Energy and suppliers that use or will in future use Kraken billing system.

When I was with other large suppliers account was credited on direct debit payment date which is probably why others who had similar experiences with other suppliers are commenting as they have been.

I was using supplier as a generic point of origin for the DD batch, what I described is the way the DD batch processing system works for everyone...

Each user of the DD batch processing system can decide how they want to treat the incoming funds, some will assume the funds have cleared even though they know some will subsequently fail and have to be reversed. Others will want to wait the 3 working days so they only have to process the ones that really did have the funds...

Valid reasons for both approaches, neither right or wrong I guess...

... but yes, I would expect that Kraken has been built around this approach... ... but who knows, they could have it as an option..?

 

username

The manual card payment option credits the account straight away.

I have mine set at £1 for the DD and then pay the remainder of what used to be charged via DD on a credit card, which I get avios on.

I also used to get mildly irritated that the direct debit balance would take so long to hit the account, plus I didn't get anything for it as a reward.

Yes, I have to make a manual payment each month, but it's a small inconvenience and kills two problems with one stone.

Chrysalis

oliverbrown said:

Chrysalis said:

oliverbrown said:

After my Direct Debit leaves my bank account, it sits as "pending" on Octopus for a few days too. Octopus are a little nostalgic for cheques maybe.

Checked my last 30 months, 28 were credited on the 15th, one was credited on the 19th, and one is yet to be credited on the 20th, so I am right it has been practically non existent for me hence me thinking it was odd.

If you look back on the balance history then a payment which leaves your bank on the 1st will show up has been credited on the 1st. If you had checked on the 3rd though, it would most likely have said "pending", even if they were both in the middle of the working week.

Now its cleared this can be answered without speculation.

It shows as paid on the 15th, you are correct.

LindsayT

Getting back to what this thread was about in the first place.
Received my email last night.
I pay by debit card on receipt of bill as I've preferred this method of payment because Octopus say they don't charge more for it and I've always been able to budget.
Interestingly, the email last night said I could typically save £80 paying by direct debit, so have they now changed it?
This is still on their website:
Though we recommend paying by monthly Direct Debit, you'll never be penalised with different rates if you choose another payment method.

SJMALBA

Octopus now have the October SVT listed in their tariffs:

In lieu of Octopus making contact, do I just deduct 17p & 4.2p from this to get my actual EPG Flexible? I have already 'crunched the numbers' for the first three quarters of EPG using MSE's data, but want to use my actual Octopus figures by way of a comparison to 'worst case' Tracker.

Are the SCs the same for EPG (they are quite different to MSE's figures)?

MWT

SJMALBA said:

In lieu of Octopus making contact, do I just deduct 17p & 4.2p from this to get my actual EPG Flexible? I have already 'crunched the numbers' for the first three quarters of EPG using MSE's data, but want to use my actual Octopus figures by way of a comparison to 'worst case' Tracker.

Are the SCs the same for EPG (they are quite different to MSE's figures)?

They seem to have set the SC at £6 PA lower for each fuel.

... and the difference on the kWh rates is approximately 17.84 / 4.45 Elec. / Gas

BUT... there is definitely now a different tariff for DD from standard credit.

If you do not pay by DD the Flexi tariff is going to be higher (about £80 for a typical customer).

SJMALBA

MWT said:

SJMALBA said:

In lieu of Octopus making contact, do I just deduct 17p & 4.2p from this to get my actual EPG Flexible? I have already 'crunched the numbers' for the first three quarters of EPG using MSE's data, but want to use my actual Octopus figures by way of a comparison to 'worst case' Tracker.

Are the SCs the same for EPG (they are quite different to MSE's figures)?

They seem to have set the SC at £6 PA lower for each fuel.

... and the difference on the kWh rates is approximately 17.84 / 4.45 Elec. / Gas

BUT... there is definitely now a different tariff for DD from standard credit.

If you do not pay by DD the Flexi tariff is going to be higher (about £80 for a typical customer).

I pay 'variable DD' - does this count, or is every method of payment other than 'fixed DD' going to be more expensive?

[Deleted User]

Variable DD is usually treated the same as fixed DD for these things.

SJMALBA

Deleted_User said:

Variable DD is usually treated the same as fixed DD for these things.

From Octopus' updated(?) FAQ:

Not sure what to make of the 'and instead paying on receipt of your bill' being linked to not having a DD?? Variable DD is in arrears, and on receipt of bill...