Do I need to cancel the Direct Debits with my bank, and with the payee also?

dllive

Hi,
I have monthly DDs going to Hargreaves, Vanguard etc.
Id like to cancel/delete these DDs. Is it a simple case of cancelling these in my online bank account, or do I also need to contact Hargreaves, Vanguard etc to cancel?
Thanks

DullGreyGuy

When you cancel them with your bank they will automatically advise the company. If you should contact the company as well depends on other factors... for example with general insurance cancelling payment doesn't cancel the policy, initially at least, and so if you want to cancel arrangements etc then you may also need to contact the company else face other issues. 

dllive

Ah great, thanks for confirming @DullGreyGuy !

grumbler

It's polite to cancel with the company, not the bank. Otherwise, e.g. if it's a mobile contract, you can get your credit history spoiled.

Jonty6262

Your not obliged to tell the company but its curtious to do so. I normally cancel with the bank and then inform the company at the same time.

eskbanker

dllive said:

I have monthly DDs going to Hargreaves, Vanguard etc.
Id like to cancel/delete these DDs. Is it a simple case of cancelling these in my online bank account, or do I also need to contact Hargreaves, Vanguard etc to cancel?

Does the 'etc' signify that the other DDs you want to cancel are also simply funding accounts in your own name?

If so, then unless you're signed up to some form of regular funding commitment then you're free to cancel them without notifying the recipient, but if you bank online then you presumably manage the investment accounts in the same way so could just cancel DDs directly there yourself?