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Direct Debit Mandate from Deposit Account?

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  • 09-08-2019 10:26am
    #1
    Secret Seven
    Registered Users Posts: 82 ✭✭


    I don't have a Current Account and I just got a letter from my insurance company saying the new PSD2 service is coming into effect on 14th Sept.  They say they cannot meet this deadline and are asking me to pay via direct debit.

    As I only hold a deposit account, is it possible to do this?

    Thanks


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    #2
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Secret Seven,

    Thank you for reaching out to us here on Boards.ie

    It would depend on what type of Deposit Account you hold with us. If it is a fixed term or regular savings account then these wouldn't accept a direct debit mandate outwards.

    If you have a Demand Deposit account then you will certainly be able to set up a direct debit to pay your insurance.

    I hope this information helps.

    Many thanks,
    Kat


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