Bank Statement Definitions

fergiesfolly

There's a DD on our statement that I don't recognise and I was wondering if there's a site that gives a definition on them.
I was just checking our account online(BOI) and it caught me on the hop as I usually know or a/c by heart and can't ring them till tuesday.
I'll put it up if someone here thinks they might recognise it.

Mimikyu

This post has been deleted.

fergiesfolly

OP/ALIDNCOM4*****2 DD

Googled it and can't find anything.
Thought there might be some sort of online dictionary for this stuff.

rameire

http://www.google.co.uk/search?hl=en&q=ALIDNCOM&meta=

Pythia

Do you have any kind of Allianz insurance? My Allianz home insurance looks something like that.

Tow

The ‘OP/’ is Originator Plus, in other words they (the Originator) can direct debit accounts without a paper direct debit mandate. The rest of the text can be anything the Originator wants, but the first 6 characters are supposed to be filled, constant and be printed on the mandate/paper work etc you have from the Originator.

fergiesfolly

Bingo Pythia!
Its an Allianz insurance policy that we had on our house that expired 9 months ago. They just never stopped the Direct Debit. I feel like such a plank for not noticing this before. Stupidly shredded the documentation for the policy in January this year. Normally keep this stuff for ever, but herself wanted a clearout. So its a lot of phone calls tuesday morning.
Which brings me to another question.
Are Allianz responsible for stopping the DD on completion of the contract?
Or are the the bank a/c holders responsible?
Never had this happen before.

chris85

fergiesfolly wrote: »

Bingo Pythia!
Its an Allianz insurance policy that we had on our house that expired 9 months ago. They just never stopped the Direct Debit. I feel like such a plank for not noticing this before. Stupidly shredded the documentation for the policy in January this year. Normally keep this stuff for ever, but herself wanted a clearout. So its a lot of phone calls tuesday morning.
Which brings me to another question.
Are Allianz responsible for stopping the DD on completion of the contract?
Or are the the bank a/c holders responsible?
Never had this happen before.

The company are responsible. They have the mandate for the DD and the banks are honouring it. No way for the bank to know the policy was not renewed. The mandate they have would just have authorisation to debit the account to pay the premiums.

fergiesfolly

Since I don't have the documentation to verify, is there any chance that Allianz could claim that the policy is still in effect because I didn't stop the DD and deny wrongdoing even though we didn't officially renew the policy.

Tow

Yes...

chris85

fergiesfolly wrote: »

Since I don't have the documentation to verify, is there any chance that Allianz could claim that the policy is still in effect because I didn't stop the DD and deny wrongdoing even though we didn't officially renew the policy.

No, they only have a mandate to debit payments for a policy with them. If the policy expired and was not renewed you no longer have a policy with Allianz and thus they have no mandate to take money from you.

This is more than likely an IT error by Allianz. Call them up and they will most likely see its an error and refund the money.

Just one thing to note that when the policy expired any chance it renews automatically each year. I get this from my car insurance people sending me a renewal letter every year basically telling me to do nothing if I am happy to keep the policy going another year or contact them to cancel it. I usually ring a few insurers and see if anyone will do better, which they never do.

fergiesfolly

Quick update
Allianz did indeed claim that since they received no notification that the policy was not being renewed, they PRESUMED!!! that the ploicy was still in effect.
I pointed out that I had not received any correspondance from them since the old policy expired and would have expected a new schedule to be posted out.
In any event I told them that I had taken out insurance with another company and I'd like my money back please.
All they needed was proof of policy elsewhere(which I emailed to them) and a refund would be organised.
I'll be keeping a better eye on our accounts from now on, me thinks!

chris85

fergiesfolly wrote: »

Quick update
Allianz did indeed claim that since they received no notification that the policy was not being renewed, they PRESUMED!!! that the ploicy was still in effect.
I pointed out that I had not received any correspondance from them since the old policy expired and would have expected a new schedule to be posted out.
In any event I told them that I had taken out insurance with another company and I'd like my money back please.
All they needed was proof of policy elsewhere(which I emailed to them) and a refund would be organised.
I'll be keeping a better eye on our accounts from now on, me thinks!

harsh to say they presumed. Its very common for insurance policys to have a roll over condition on them. They automatically roll over unless cancelled. They usually write out with the new premium each year and if you dont like and want to cancel it it asks the customer to call them.