Month end is usually the time when we check our budgets and scrutinize our statements. A lot of us have debit orders that come from our accounts during this time, and it is important that we keep track of these, by using the banking app or online banking. If you come across a transaction that doesn’t look familiar, or that you may want us to look into, we’ve put together a quick guide to help you.
Step 1 Check what the payment it is.
Recurring payments come in different forms;
Debit Orders are agreements with other companies to debit your account regularly, based on a service e.g. gym contracts, policies and investment accounts. They can be for fixed or changing amounts, as with phone contracts.
You might also have set up your own Scheduled Payments on Online Banking or using the Mobile Banking App. This is not based on an agreement as such and is completely at your control e.g. monthly rent payments that you schedule.
Stop Orders are also an example of regular payments and are usually arranged in the branch. This is an instruction that you give to us, to transfer funds on your behalf regularly e.g. kids’ pocket money etc.
Step 2 Now that you have an idea around the transaction, let’s help you manage it.
Our helpdesk on 0860 123 000 can help you to stop, reverse or investigate any debit order on your account.
To reverse a debit order is free and the funds will be returned to your account within 4 business days.
We can also help you to stop future debits on your account. This may come at a minimal cost and will only work if you have the date, amount and reference number of the debit.
Lastly, we can help you by investigating the name and contact details of the company who is debiting you (in case you want to verify before acting). This comes at a minimal cost and takes a few days for us to investigate and give you feedback.
Some extra information about debit orders.
A debit order is a payment that your bank facilitates, on the basis of an agreement between you and your service provider.
The terms of that agreement determine when the supplier can debit your account, how much they can debit (if fixed or variable) and other issues like when penalties or double debits can be taken.
When we help you to reverse or stop a debit order, we take it that you have a right to do so according to your agreement and that you understand the possible impact of doing so (e.g. the risk of an insurance policy lapsing).
It is always a good idea to speak to the company debiting you first, to ensure that they can assist with your query, cancel your debit agreement or change your details, with them.
We are also working on some exciting options for you to manage debit orders by yourself and at your convenience on digital platforms, so look out for updates in that regard on our blog soon!