Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Standing Order

Options
  • 26-05-2011 11:55am
    #1
    sam27
    Registered Users Posts: 162 ✭✭


    I set up a Standing Order with my Bank six months ago and authorised them to take pay put 6 installments.

    I now see they have taken out a 7th one this morning.

    Am I entitled to some compensation? (if i overdraw etc, they will impose fines etc..)

    What happens if they reimburse me and money thats gone to other party?


Comments

  • Options
    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    You normally tell them the start date and the date of the last payment, not the number of payments.


  • Options
    #3
    sam27
    Registered Users Posts: 162 ✭✭sam27


    coylemj wrote: »
    You normally tell them the start date and the date of the last payment, not the number of payments.

    Yes start date 26th of each month 6 payments starting from Nov 26 ending April 26th. They took one out this month!!


  • Options
    #4
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    sam27 wrote: »
    Yes start date 26th of each month 6 payments starting from Nov 26 ending April 26th. They took one out this month!!

    Then they haven't a leg to stand on, ask for a refund. They have the original (or at least a scanned image) of the mandate you signed, ask them to look it up.


  • Options
    #5
    sam27
    Registered Users Posts: 162 ✭✭sam27


    coylemj wrote: »
    Then they haven't a leg to stand on, ask for a refund. They have the original (or at least a scanned image) of the mandate you signed, ask them to look it up.

    What happens to the account who receives the payment? I set up a SO to pay for oil for the house.

    Do they have to refund the bank or will my account be in credit there with the Oil Company?

    As I said the Banks are quick to penalize customers when they are in the wrong!!!


  • Options
    #6
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    Request a copy of original order form you signed when set it up and if its wrong bank should reimburse you.


  • Advertisement
  • Options
    #7
    sam27
    Registered Users Posts: 162 ✭✭sam27


    Rebel1977 wrote: »
    Request a copy of original order form you signed when set it up and if its wrong bank should reimburse you.

    And what happens to monies deposited in Oil Account? Will they, the oil company, have to reimburse the bank? or will my account be in credit with oil co?


  • Options
    #8
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Standing order instructions can be a number of time rather than a date.

    Depending on the time frame the bank can re call the standing order back. You will not get credit with the oil company and your money back from the bank it will one or the other.


Advertisement