Managing your direct debits
- Missed direct debit payments are one of the most common reasons for bank charges.
- In some cases banks will pay the debit and then charge the customer for this service. At other times they will not pay the debit and still charge you. You can also be charged from the company that the direct debit was supposed to pay.
- Many banks also charge for letters they send or administration costs they incur when letting you know they’re charging you! The cost of one missed direct debit builds up quickly and you lose cash fast.
Stop charges escalating
- If you are paid a monthly salary, ensure direct debits and standing orders are paid on the same day your salary is paid. This will make it easier to keep track of payments.
- It only takes a few minutes to make these changes yourself online or call your bank. Contact the companies or people you pay to ensure this won’t cause problems, remember they want to avoid unnecessary paper work so they may be more willing than you imagine.
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How to get money in your bank
- If you know you’re going to miss payments, and there isn’t enough time to take the steps above, try and pay enough money into your account to cover outgoing payments.
- A paydayloan may not offer the best market rates, but as a fast, short-term solution it can save you from paying much more in bank charges. Borrow £80 and pay back £100 etc (insert table here).
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Also in this section
• Avoid Overdraft Fees and Bank Charges
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