Maurice Leakey
Film God
Posts: 5895
From: Bristol. United Kingdom
Registered: Oct 2007
|
posted February 19, 2018 04:56 AM
I apologise that this new topic is not connected with film collecting, unless perhaps you buy equipment and films using a Direct Debit with your Bank.
I have two credit cards, one is my "normal every-day" card, and the other is my "back-up" card. Each is from a different card company. A couple of months ago a shop's card terminal was faulty and did not accept my usual card, however I was able to use my "back-up" card.
The "back-up" card probably hadn't been used for a couple of years. In due course I received a monthly statement for the "back-up" card saying that a payment from my Bank would be sent via a Direct Debit request on a certain date.
The other day I received a letter from the "back-up" credit card company saying that the Direct Debit had been refused as my Bank said it had been cancelled. I was asked to telephone to discuss the problem with the company.
The credit card advisor was very helpful and asked if I had terminated the Direct Debit mandate. I said no. Then, after learning that I had probably not used the card within the previous two years, he explained that under "The Dormancy Rule" which had been founded in 1977, if any Direct Debit had not been used for 13 months then it would be cancelled by the Bank without informing the account holder.
He thought that this was quite probably the answer, and said that he would send a new mandate to my Bank and respectfully reminded me to use the card at least once in any twelve months period.
I had never heard of "The Dormancy Rule" and I suspect that many fellow members have not either. Obviously, regular monthly payments would not be affected.
It caused me a lot of distress over the matter, they also added a fee of £12 for the late payment. I settled the amount owed over the 'phone there and then. I was assured that I would not receive a "black mark" over the incident.
I hope that no fellow members will get "caught" in this way, apparently there is no obligation for your Bank to inform you that your Direct Debit has been cancelled by them.
--------------------
Maurice
| IP: Logged
|
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
