To DD or not, that is the question...

[thewifeandI]

Hi,

 

Wouldn't a manual payment via online banking be a better option (if this option is available with your account)? That way you have full control of the date and amount. With a SO it may still come out when the money isn't available.

 

The downside of removing DD is that many organisations give a discount for paying that way which you will lose - but it may be better if you get to retake control over your payments.

 

Cheers.

[thewifeandI]

Thanks jeep n wife

Yes bet it would be better to pay as bill is due like "olden days :grin:".Forgive me for being thick but will that mean paper statements or would they bill you via"tinternet" Yes i was thinking you would still be charged for a missed or late payment by SO an bet it not much less if any cheaper than DD,But then i suppose you would not get hammered from other side for it not being there to take ! think im whats termed a silver surfer and have a lot to learn bout technology,an banking.thanks all for enlightenment

 

In most cases I get a paper bill anyway - phone, cable, CCs, etc. The others like gas & lecky, mortgage, loans, etc. are on fixed payments (mainly). Once a week you log in to your account and pre-book the payments that are coming due, making sure that you have enough to cover them and wherever possible they are paid on time. You even have the option of making a part payment to show good faith if there's not enough and you are waiting for something to clear, etc.

 

If a SO is unpaid you get charged by the bank just the same as a bounced DD or cheque - but at least the payee doesn't get to retry and force extra charges on you.

 

Just my thoughts on the matter - I don't know how well it would work in practise - but it's definitely what I'm thinking of doing when I get my refunds - I need to get back control of my money and stop funding the bank's boardroom!