We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Direct debits: effect of manual payment to HSBC
Moggles_2
Posts: 6,097 Forumite
in Credit cards
Hi Everyone!
The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Does anyone happen to know HSBC's policy? It's not mentioned in the
Ts & Cs. (Perhaps it will be stated in a DD mandate confirmation letter.)
The variations I have encountered are:
1) The DD is recalculated if a payment is made at least x days before the DD is due
(eg. Capital One, Egg)
2) No account is taken of any payment made. The amount specified on your statement is automatically collected by DD unless instructed otherwise (eg. Co-Op, MBNA, RBS).
3) If a payment is made, regardless of the amount, no money is taken by DD that month
(eg. Bank of Ireland)
The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Does anyone happen to know HSBC's policy? It's not mentioned in the
Ts & Cs. (Perhaps it will be stated in a DD mandate confirmation letter.)
The variations I have encountered are:
1) The DD is recalculated if a payment is made at least x days before the DD is due
(eg. Capital One, Egg)
2) No account is taken of any payment made. The amount specified on your statement is automatically collected by DD unless instructed otherwise (eg. Co-Op, MBNA, RBS).
3) If a payment is made, regardless of the amount, no money is taken by DD that month
(eg. Bank of Ireland)
People who don't know their rights, don't actually have those rights.
0
Comments
-
HSBC is not mentioned in this thread Moggles, but First Direct is. I wonder if they have a common policy?
http://forums.moneysavingexpert.com/showthread.html?t=9016370 -
Aha. More than likely. I managed to miss that thread.
Thanks for your swift reply, YB.
Cheers
M
:beer:People who don't know their rights, don't actually have those rights.0 -
HSBC is slow at updating thing so I reckon they won't update the DD amount.0
-
HSBC don't update the DD amount if I make an additional payment.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards