06 Sep 2022

Which Bank Account Can’t Be Used for a Direct Debit Purchase?

Cancelling a Direct Debit

Direct debits are automated transactions to transfer money from one account to another. Unfortunately, you cannot use a savings account for direct debit purchases because it is intended for saving funds with interest rates for additional growth. 

Direct debit purchases can help pay bills on time while avoiding late fees and are considered a safe and convenient way to manage bill paying. 

You will first need to arrange a direct debit authority allowing service providers to withdraw funds to obtain a direct debit. You must contact the service provider and your bank to cancel a direct debit purchase. 

Verifying that the direct debit service provider you are working with is trustworthy is essential. We recommend checking your accounts regularly to confirm that the provider transfers the agreed-upon amounts. 

Researching a provider and their client testimonials before using their service is a great way to know that the service you are receiving is of good quality. Direct debits have countless advantages, but you can experience an issue with this service if you do not have enough funds in your account to cover purchases. 

Conclusion

Our lending specialists at Mortgage House are dedicated to ensuring the best rates and loans for our clients and are prepared to point you in the right direction for direct debit purchases. If you would like to learn more about loan repayments through budgeting, our Budget Planner Calculator is a helpful tool available for free to assist with personalized financial planning.

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