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savings accounts and direct debits

Last post Sun, May 11 2008, 10:43 AM by drumster. 3 replies.
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  •  Sat, May 10 2008, 7:24 PM

    savings accounts and direct debits

    Reply Quote Spam

    just wondering why when you apply for an online savings account they require you to agree a direct debit mandate.

    When i applied for the easy access account of the birmingham midshires i was suprised to see this. Why do they make you agree the form? They dont emtnion having to make regular payments in their advertising so why would they need this?
    • Post Points: 20

  •  Sat, May 10 2008, 9:55 PM

    Re: savings accounts and direct debits

    Reply Quote Spam
    It's so you can get money in and out of your account.
    • Post Points: 20

  •  Sun, May 11 2008, 10:09 AM

    Re: savings accounts and direct debits

    Reply Quote Spam
    but that only requires my bank details. They do not need a direct debit agreement which means they can take money out from my bank account without asking me.
    • Post Points: 20

  •  Sun, May 11 2008, 10:43 AM

    Re: savings accounts and direct debits

    Reply Quote Spam
    First and foremost, if you don't have peace of mind contact BM. However, the DD is entirely at your control and can only be used by you once you have logged into your account for the purpose of shifting your cash backwards and forwards from BM to your nominated (current) account. Try not to confuse this with XYZ company taking out £xx per month for power, telephone etc...
    • Post Points: 5