09dolphin
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Post by 09dolphin on Jan 30, 2018 13:33:59 GMT
Just wonder why a direct debit payment takes well over 30 hours to be credited to my account. Who benefits from the fact the payment isn't credited. Would it be Ratesetter?
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benaj
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Post by benaj on Jan 30, 2018 13:46:34 GMT
Well, the fastest way to load credit instantly is payment by debit card. I notice there is some changes regarding to card payment to ratesetter, it doesn't cost you anything, up to £15000. The direct debit payment is done by a different process, it takes days to clear the money. www.bacs.co.uk/documentlibrary/dd_introduction.pdf30 hours isn't bad at all for Direct debit. |
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09dolphin
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Post by 09dolphin on Jan 30, 2018 13:50:01 GMT
My last payment via the direct debit on 29th January was made by 0100 hours.
I do wonder why there is no credit available after about 30 hours. Specifically by 30/01/18 at 1349 hours
Can Ratesetter explain exactly why they have the benefit of the money but choose not to credit it to my account. Can Ratesetter explain why there is the delay in crediting money to my account. Can Ratesetter explain what seems to be sharp practices they are indulging in.
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09dolphin
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Post by 09dolphin on Jan 30, 2018 13:55:59 GMT
I'll be cancelling my direct debit. Who wants to have a DD which takes many hours to be credited when they can make a money transfer which takes just a few hours.
I wonder why Ratesetter are promoting their Direct Debit service. I assume it's so that they can benefit from an exceedingly slow money transfer. I won't be fooled by them again.
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benaj
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Post by benaj on Jan 30, 2018 14:00:36 GMT
To be honest, I love setting up monthly direct debit. 😂 Yes, I do need them.
For most transaction, I use debit card for convenience.
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09dolphin
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Post by 09dolphin on Jan 30, 2018 14:06:02 GMT
Now 34 hours Ratesetter have benefitted from my money!!!!!!!¬!¬¬!¬
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Post by skint4achange on Jan 30, 2018 15:56:14 GMT
They may well be able to answer all these questions and more, but they won't do so on this forum as they do not actively engage with the forum.
If you want an answer to these issues, you will need to email them direct.
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star dust
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Post by star dust on Jan 30, 2018 18:46:55 GMT
Mod Hat On/ I've just merged what looked like two very similar threads - apologies to 09dolphin if I missed a subtle difference somewhere. |
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Post by davee39 on Jan 31, 2018 11:01:22 GMT
It is perfectly normal for Direct Debits to take 2 to 3 days to be credited. Unlike Faster Payments they are based on the old BACS style overnight run process. The request to Debit your account runs as a batch run the first night and is then credited to RS the following night. You would not normally notice this when using DD to pay Bills. Since I have a current account which does not pay interest(£3 monthly reward) it does not bother me.
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benaj
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Post by benaj on Jan 31, 2018 11:11:14 GMT
It is perfectly normal for Direct Debits to take 2 to 3 days to be credited. Unlike Faster Payments they are based on the old BACS style overnight run process. The request to Debit your account runs as a batch run the first night and is then credited to RS the following night. You would not normally notice this when using DD to pay Bills. Since I have a current account which does not pay interest(£3 monthly reward) it does not bother me. There are so many current accounts these days. One gives me 2% interest up to £5000, no monthly fees if you pay in £1,500 plus free monthly magazine 
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Post by skint4achange on Jan 31, 2018 11:44:26 GMT
It is perfectly normal for Direct Debits to take 2 to 3 days to be credited. Unlike Faster Payments they are based on the old BACS style overnight run process. The request to Debit your account runs as a batch run the first night and is then credited to RS the following night. You would not normally notice this when using DD to pay Bills. Since I have a current account which does not pay interest(£3 monthly reward) it does not bother me. There are so many current accounts these days. One gives me 2% interest up to £5000, no monthly fees if you pay in £1,500 plus free monthly magazine True, but you can only have 3 of those accounts. Mind you, I don't want to go to the pictures that often either!! 
On the more serious side of that though, there are a lot of people who think that is a good deal from a bank. Until you factor in that the bank is earning a shed load more than that with your money (The black horse brand is the worst for this as their charges are the highest of any other bank!) and also that the interest rate of 2% is below the rate of inflation! Not a good time for savers.
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benaj
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Post by benaj on Jan 31, 2018 12:14:24 GMT
] True, but you can only have 3 of those accounts. Mind you, I don't want to go to the pictures that often either!!
On the more serious side of that though, there are a lot of people who think that is a good deal from a bank. Until you factor in that the bank is earning a shed load more than that with your money (The black horse brand is the worst for this as their charges are the highest of any other bank!) and also that the interest rate of 2% is below the rate of inflation! Not a good time for savers.
I admit those accounts are for the magazines, not for the interest. They also have quite good customer service in telephone banking, plus good compensation (telephone cost, travelling expenses, good will payment) for freezing my account due to possible fraudulent activities. 😂
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Post by skint4achange on Jan 31, 2018 12:23:53 GMT
] True, but you can only have 3 of those accounts. Mind you, I don't want to go to the pictures that often either!!
On the more serious side of that though, there are a lot of people who think that is a good deal from a bank. Until you factor in that the bank is earning a shed load more than that with your money (The black horse brand is the worst for this as their charges are the highest of any other bank!) and also that the interest rate of 2% is below the rate of inflation! Not a good time for savers.
I admit those accounts are for the magazines, not for the interest. They also have quite good customer service in telephone banking, plus good compensation (telephone cost, travelling expenses, good will payment) for freezing my account due to possible fraudulent activities. 😂 I have just closed down 12 bank accounts (Not just with the black horse!) because it was such a pain to keep setting up the standing orders every year when the savings accounts associated with the current accounts had to be closed and then reopened.
Anyway, sorry for hijacking the thread!
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