Am pretty sure it's to do with an unpaid DD but would appreciate more specifics!
2007-07-05 12:47:00 · 5 answers · asked by Sam 2 in Business & Finance ➔ Personal Finance
It's a Halifax account, I was 24p short!! Looks like they're going to charge me £39!!!!!!!!!!! their usual evil fee!
2007-07-05 13:20:48 · update #1
is it a new Direct Debit ? perhaps the bank did not hold the correct authority from the claiming company ? A bounced Direct debit is not usually referred to as reversed, but unpaid !
2007-07-05 21:08:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A 'reversal' means the bank 'undid' something. A direct debit reversal means what they undid is a direct debit.
All the answers before mine are wrong. If the bank does not COMPLETE the direct debit, there is nothing to reverse. Rejecting a debit is NOT a reversal.
2007-07-05 20:07:56 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
A direct debit is a payment being automatically withdrawn from your account. (opposite of a direct deposit) But If for some reason there is not enough money or the automatic debit as been stopped or cancelled the the bank will reverse the transaction
2007-07-05 19:58:08 · answer #3 · answered by Etta P 4 · 0⤊ 2⤋
When a bank bounces a direct debit, it usually happens the day after it is preented on the account, so the entry they pass is a reversal of the original entry, along with a fee for doing so.
2007-07-05 19:52:02 · answer #4 · answered by Finbarr D 4 · 0⤊ 2⤋
It's just like a bounced check. When the transaction is made, they don't necessarily check your balance. Then, when the bank receives the debit, if it won't clear, they reverse it and charge you a service fee.
2007-07-05 20:00:16 · answer #5 · answered by Jay M 1 · 0⤊ 1⤋