Saving to credit union from bank

GuessWhoEh

I get paid weekly therefore, saving weekly seems easier. A LOT EASIER. I used to have a great set up between the bank and credit union. Each week savings gets taken out from bank to credit union. I wouldn't even the notice the money being gone as it would be taken out. The same day, every week.

Now some genius decided that weekly options aren't worth anything so now, I constantly get letters from the credit union saying they can't get money off me because the bank has changed my savings to monthly instead of weekly. This means comes the monthly date which falls on different days means the money isn't even in my account. I've got other bills and insurance to be paying, shopping etc so by Monday the majority of the time, I literally have €10 to my name, more if I'm lucky. I can't set up a direct monthly payment as I just find it too confusing. I've been trying to do it for a while and I just can't get the hang of it. Also, I do the weekly trek to the credit union myself now but it was so much easier when I had a little set up going on.

Is it fair to say that I should change banks? Or does anyone know why the bank suddenly decided to scrap the weekly saving to monthly saving?

coylemj

Does your bank have a smartphone app? I can manually transfer money in seconds to any defined recipient from the BoI app on my smartphone, I suspect that's what you will have to do (manually, once a week) if your own bank refuses to do automated transfers more often than monthly.

silent_spark

Are you sure it was the bank that changed the frequency? If it is a direct debit set up by your credit union, they may have changed, not the bank. Cancel the direct debit and set up a standing order instead - your credit union may not like it, but it puts you in control of when the money is transferred. My credit union recently wanted me to change from transferring money by standing order to a direct debit to make it easier for them(!) to allocate funds to the correct account. Eh, no thanks.

GuessWhoEh

coylemj wrote: »

Does your bank have a smartphone app? I can manually transfer money in seconds to any defined recipient from the BoI app on my smartphone, I suspect that's what you will have to do (manually, once a week) if your own bank refuses to do automated transfers more often than monthly.

I have the app. How do you transfer money to the credit union? That sounds perfect

GuessWhoEh

silent_spark wrote: »

Are you sure it was the bank that changed the frequency? If it is a direct debit set up by your credit union, they may have changed, not the bank. Cancel the direct debit and set up a standing order instead - your credit union may not like it, but it puts you in control of when the money is transferred. My credit union recently wanted me to change from transferring money by standing order to a direct debit to make it easier for them(!) to allocate funds to the correct account. Eh, no thanks.

It was the credit union sending me letters saying they weren't receiving any payment from my account. Literally every week I was getting a letter in the door. Went to the bank and they blamed the Credit Union. Neither are actually being helpful at the minute and quiet frankly all I want to do is save. Simple as that.

coylemj

GuessWhoEh wrote: »

I have the app. How do you transfer money to the credit union? That sounds perfect

If you had a DD or SO for your CU a/c then have the data already, just add those details on your online banking webpage as a recipient, then you should be able to transfer money from the smartphone app. May take a day or so to get setup but once it is, you're good to go. That's for BoI, not sure about any other banks and what they allow you to do on the go.

I'm not sure when the daily cutoff each day is (for next day transfer) but the earlier you do the transfer, the better. If you do it late, say at 4 p.m., it will take two days to arrive.

Spocker

OP, it's not really what your situation is here? You mention the credit union are sending you letters about your savings, but why would they do that? Do you mean 'loan repayments' when you say savings?

If the payment frequency (from the bank to the credit union) has changed from weekly to monthly, then this was likely a standing order? If so, you can either go to the bank directly and change it back to weekly, or do it via the app - which bank are you with?

If this is a direct debit (again, assuming this is a loan repayment) then this would be setup by the Credit Union, so you can call to them to have them change it to weekly.

If you could tell us what they (either the CU or the Bank) why it was changed from weekly to monthly (what did you mean by "aren't worth anything now") then we can help you further

silent_spark

Spocker wrote: »

If this is a direct debit (again, assuming this is a loan repayment) then this would be setup by the Credit Union, so you can call to them to have them change it to weekly.

On this point, my CU recently merged with a larger branch, and they wrote to me shortly afterwards asking to change my standing order to a direct debit - for savings (I have no loans). I thought it was highly unusual (and said no), but perhaps the OP's CU did something similar, and regular savings are transferred by direct debit. This could explain why a previously regular transfer became less frequent - but this would have been communicated to you in advance, OP.

OU812

Three options:

1. Set up a manual payment & do it every week yourself
2. Set up a weekly standing order and it goes automatically
3. Set up another account. Transfer weekly to it & let the c/u pick it up monthly - you'll have to find out he monthly average to do this