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Changing amount paid on direct debit

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  • 16-09-2011 6:15pm
    #1
    tuisginideach
    Registered Users Posts: 2,060 ✭✭✭


    Do banks not have to let us know when they are changing (usually increasing) the amount taken on a mortgage paid by direct debit?


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    No, direct debits are variable amounts eg mortgage, electricity. phone etc. Standing orders (do they still do these?) would be for a fixed amount.


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    #3
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,650 CMod ✭✭✭✭amdublin


    Pablo Sanchez wrote: »
    No, direct debits are variable amounts eg mortgage, electricity. phone etc. Standing orders (do they still do these?) would be for a fixed amount.

    God yeah standing orders are still very commonplace


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    #4
    tuisginideach
    Registered Users Posts: 2,060 ✭✭✭tuisginideach


    Yes I understand that DD is for a variable amount but if my tv provider etc alerts me when the monthly payment changes, why does the bank not do the same?


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    #5
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Your bank should have written to you if your rate changed, say due to ECB rate changes, check with them, make sure they sent it. Post dosnt arrive sometimes.


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    #6
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    tuisginideach wrote: »
    Yes I understand that DD is for a variable amount but if my tv provider etc alerts me when the monthly payment changes, why does the bank not do the same?

    My understanding is because their variable rates are published (newspapers/online etc). Therefore, you can determine what the amount will be. Other bills (electricity/gas/telephone etc) are different as they have to inform you what they are charging for (ie, the number of units of electricity/minutes of telephone usage etc)


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    #7
    tuisginideach
    Registered Users Posts: 2,060 ✭✭✭tuisginideach


    dotsman wrote: »
    My understanding is because their variable rates are published (newspapers/online etc). Therefore, you can determine what the amount will be.


    Yes, I wondered was that how they got away with it. Thanks


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    #8
    homer911
    Registered Users Posts: 5,115 ✭✭✭homer911


    I understand the rules have changed recently and every customer has now to be written to. An ad in a paper is not sufficient. Banks now have to say how much the repayment is changing by


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    #9
    tuisginideach
    Registered Users Posts: 2,060 ✭✭✭tuisginideach


    Any chance you know when that came in and where I can check it up? Someone else did tell me that the Office of the Financial Regulator told them the bank had to notify you when changing amount but I need to have that proof for myself. Thanks


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