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direct debit

  • 07-05-2014 8:32am
    #1
    whereto now
    Registered Users, Registered Users 2 Posts: 230 ✭✭


    I have a direct debit set up for 458.58 a month, yesterday over 1.000 was taken out, I'm in the process of sorting this out and was wondering if its legal for a company, in this case a bank, to take more than the direct debit is set up for ??? Should my bank not limit the amount to the amount I set the direct debit up for ???

    Any advice appreciated as I have no idea about the regulations regarding direct debits...


Comments

  • #2
    28064212
    Registered Users, Registered Users 2 Posts: 10,906 ✭✭✭✭28064212


    You can't set up a direct debit for a specific amount, you're thinking of a standing order. A direct debit means a company can request whatever amount they want from your account, and the bank will honour it.

    Under the new SEPA regulations, you are entitled to a "no-questions-asked" refund within 8 weeks of the transaction date. The bank must honour this request

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  • #3
    whereto now
    Registered Users, Registered Users 2 Posts: 230 ✭✭whereto now


    28064212 wrote: »
    You can't set up a direct debit for a specific amount, you're thinking of a standing order. A direct debit means a company can request whatever amount they want from your account, and the bank will honour it.

    Under the new SEPA regulations, you are entitled to a "no-questions-asked" refund within 8 weeks of the transaction date. The bank must honour this request

    Thanks for that, I did say I knew nothing about dd !!! I appreciate your reply and I'll be in touch with the bank later today.


  • #4
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #5
    BazzaDP
    Registered Users, Registered Users 2 Posts: 69 ✭✭BazzaDP


    Btw just cause you're entitled to the DD refund does not mean you don't owe the money. Just that you don't have to pay it by DD.

    You still need to contact the provider and find out why it was so much higher than you expected, and therefore if you do owe the money and then how you will pay that debt. Often you will have entered into a contract and will be legally obliged to pay your bills. Though some companies can agree to various payment plans if you're struggling.

    The DD refund process is basically VERY consumer friendly to offset the fact that DD's are a little more risky in that they can be set up pretty easily.


  • #6
    whereto now
    Registered Users, Registered Users 2 Posts: 230 ✭✭whereto now


    Thanks for all the replies, I contacted my bank and dd was recalled. I rang the recipient of the dd and they said it was a mistake and are looking into how it happened.... so paid the correct amount by card over the phone and all sorted...... Thanks again....


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