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Can you setup a Direct Debit on a Demand-Deposit AC

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  • 28-07-2020 9:01am
    #1
    TommyGrealy
    Registered Users Posts: 69 ✭✭


    As per question in subject. I have a demand deposit account setup to keep some funds outside of my current account. If I were to give the IBAN of this account on a direct debit mandate form, would the company have any problems drawing payments from this account?


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    #2
    Sirsok
    Registered Users Posts: 2,797 ✭✭✭Sirsok


    TommyGrealy wrote: »
    As per question in subject. I have a demand deposit account setup to keep some funds outside of my current account. If I were to give the IBAN of this account on a direct debit mandate form, would the company have any problems drawing payments from this account?

    Standing order would be your best bet!!


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    #3
    TommyGrealy
    Registered Users Posts: 69 ✭✭TommyGrealy


    Sirsok wrote: »
    TommyGrealy wrote: »
    As per question in subject. I have a demand deposit account setup to keep some funds outside of my current account. If I were to give the IBAN of this account on a direct debit mandate form, would the company have any problems drawing payments from this account?

    Standing order would be your best bet!!
    Thanks Sirsok, it's a loan repayment so the lender will probably insist on a DD


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    #4
    Bank of Ireland: Eve
    Closed Accounts Posts: 309 ✭✭Bank of Ireland: Eve


    TommyGrealy wrote: »
    As per question in subject. I have a demand deposit account setup to keep some funds outside of my current account. If I were to give the IBAN of this account on a direct debit mandate form, would the company have any problems drawing payments from this account?
    Hi Tommy, thanks for reaching out to us here on Boards.ie. 

    A Demand Deposit Account is generally set up for the purpose of saving and so it wouldn’t be possible to have a direct debit payment set up on this account. 

    You’d certainly be able to set up a direct debit payment on your current account by providing the lender with the IBAN for this account. 

    I hope this information helps. If you’ve any further queries please feel free to get back in touch with us here, we’ll certainly help as best we can. 

    Thanks, Eve 


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