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Post by jprmusicman on Aug 29, 2015 13:08:00 GMT
Hi guys, I wonder if anyone can enlighten me. I have a new current account and wish to set up some regular lending but direct debit. Unfortunately I can't see how to add new bank details, one set up regular lending with my existing one. Does anyone know how to change the associated bank account? Cheers. James.
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Post by davee39 on Aug 29, 2015 16:16:31 GMT
I have no idea, but the very friendly Customer Service people will. Give them a call you should get straight through. They also respond quickly to emails (unlike some!).
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Post by jprmusicman on Aug 30, 2015 10:28:42 GMT
Thanks mate, I'll be trying customer services again after the bank holiday, unfortunately I couldn't get through yesterday (just on hold for a long time). Once I find out I'll post the solution for everyone.
cheers.
James
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Post by westonkevRS on Aug 30, 2015 11:05:44 GMT
Hi guys, I wonder if anyone can enlighten me. I have a new current account and wish to set up some regular lending but direct debit. Unfortunately I can't see how to add new bank details, one set up regular lending with my existing one. Does anyone know how to change the associated bank account? Cheers. James. I suspect you have to cancel the existing one and then set up a brand new one. Direct debits can typically only have the amount and date changed, not the account details. That's typical of DD, not just Rate Setter. But I would ask to be sure, as I've not done it myself and I'm not 100%. Kevin.
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ashtondav
Member of DD Central
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Post by ashtondav on Aug 30, 2015 13:57:21 GMT
Just set up a standing order with the relevant RS details.
I dont think you can pay money in by direct debit. Its just debit card or bank transfer. Direct Debit is where the receiving institution varies the amount paid to them at their discretion.
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pikestaff
Member of DD Central
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Post by pikestaff on Aug 30, 2015 14:17:37 GMT
...I dont think you can pay money in by direct debit... I think you can if it's a regular monthly payment members.ratesetter.com/your_lending/payments/create_regular_lender.aspx (only visible if you are logged in). However, it's not something I've done. I strongly suspect that you are allowed only one linked bank account (from which the DD will be collected, and to which any withdrawals will be paid) and that you will have to go through a human being to change it. As far as I know you can pay in by debit card or by bank transfer (including standing order) from other (non-linked) accounts, but some platforms anti-money laundering procedures don't allow this.
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ashtondav
Member of DD Central
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Post by ashtondav on Aug 30, 2015 16:35:07 GMT
Hadn't noticed that! But I still can't see why not set up a standing order which can be from a non linked account. Direct debits work for the receiver of funds rather than the sender.
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Post by jprmusicman on Aug 30, 2015 23:36:40 GMT
Thanks everyone. Will be calling customer services on Tuesday. You're probably right, I'll need to change the associated bank account, which works for me, I'd want to do that with the new account anyway. Incidentally, the reason for setting it as a direct debit, rather than standing order, is to meet current account requirements. Both methods of payment have their merits.
James
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Post by jprmusicman on Sept 1, 2015 14:03:31 GMT
Afternoon chaps. The outcome of this has been that whilst it is not something that can be done on the website, it is easily accomplished on the phone, or apparently by email.
Thanks for your input.
James.
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smezz
Posts: 180
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Post by smezz on Oct 30, 2017 20:19:47 GMT
I've done this today and it might be of interest to others.
After emailing I got this reply:-
Thank you for your email and for letting us know that you wish to change your bank details.
We do require that the bank account is UK based and in your name. Is this the case?
If this is the case, please can I ask you to confirm your postal address and your date of birth? If you could also send your bank details in reply to this email, I can get it updated for you.
Alternatively, if you would be more comfortable discussing it by phone, please could I ask you to contact us at a convenient time?
Kind regards,
I sent the info via email and it was updated a few hours later.
I did this so I could use the direct debit facility as Tesco is stopping its DD accounts in April.
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