Just a thought

fedupwiththeworry

Hi All,

I find myself in a position where I'm going to be short of money to pay all my DD's/SO's that fall due this week. Now I don't know in advance that there will be a problem until I have the weeks takings in front of me (SE Retailer) and last week was a bad week, so face the prospect of more charges from the bank.

This got me wondering why, in this day and age can the online banking system not offer a "freeze" option whereby you could go into the standing order or direct debit section and freeze that particular payment, once you know you have money available to cover then go back in and "un-freeze" and payment will go out the next working day. That way although you'll have some unhappy people asking where their money is, at least you won't have the added burden of the bank lumping their profit (sorry charges) on top.

I'm sure that would help loads of people who have money coming in shortly but not in time to pay the bill on the specified day.

Thoughts ?

fedupwiththeworry

So it starts, DD that put me £20.00 o/d bounced and a £35.00 charge levied so now I've got to find £55.00 instead of the £20.00 and there's more to come through the week.


Ooh for that FREEZE option

Does anyone else think it's a good idea and I'd be interested to know from anyone with computer/banking if it's feasible would have saved me £35.00 so far

cml2508

Hi,

Sorry if this sounds like im being mean but could you not have used your common sense and just cancelled the standing orders/direct debits and then reinstated them once you had the fund available. That is no different to freezing them online, you can set them back up again and wouldn't have had the bank charges on top.

ClaireLR

Sounds like a fab idea to me, but theres one thing wrong with it

The greedy banks would never allow it cos it would eat into their profits!

fedupwiththeworry

Sorry if this sounds like im being mean but could you not have used your common sense and just cancelled the standing orders/direct debits and then reinstated them once you had the fund available. That is no different to freezing them online, you can set them back up again and wouldn't have had the bank charges on top.

Sunday night is when I know what money I have got for the week. I believe you need 2 clear days to cancel payments, but OK it could be done for Wed payments but what a long winded way of doing things, having to cancel then re set up. As I said why not be able to just suspend payment instantly until you've enough money available to un-freeze ?

Can't believe that this isn't possible in this day and age.

cml2508

I'd suggest you look into the matter further as that information is actually incorrect, you can cancel a direct debit or standing order at any time and they money will not be taken - in the even it is you are covered by the bank and so the money will be refunded.

fedupwiththeworry

Hi CML,

I will look into that because obviously if it saves the charges then it's the thing to do.

With all the hassle of re-setting them up though I still believe a suspend function would be so much easier if it were possible.