Direct Debits are terribly slow

I know direct debits are not exactly speedy but in this age of technology, surely there could be a way of speeding this process up. I much preferred the instant transfer but that was removed from me a couple months ago without even a notification it was going to happen.

Waiting for a DD to go through is just too slow; two days for “processing” before it even trades. Last month it took almost a week from money leaving my account to IE making the trades. Are standing orders any quicker? If not, what about manual payments?

Be interested to know of any recent issues people have had since the instant transfer was removed because of certain banks and buildings societies.

@Borderman

I used to have Savings plans but they were cancelled bc my bank no longer supports them.

Now I have everything on standing orders and they work just fine. I get a message from IE on the day the SO leaves my account to confirm that the money is on the way and on the next working day it is being invested.

No complaints there. :grinning: :+1:

@Pinch Glad to hear your Standing Order goes through smoothly.

Looks like I am going to have to go down that route. I’ll test it at the end of this month and compare. The money left my account early yesterday and it still says processing. It won’t trade now until Tuesday, maybe Wednesday, then possibly by Thursday it might go through.

I can’t be the only one frustrated by this. Maybe I am. Either way, DD in this case isn’t fit for purpose.

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I had the same issue last week, I came on here and voiced my discontent and miraculously by “chance” the monies were deposited the same day .. funny that

@Carlito Yes, that is curious. I missed that thread. Had it already been two days by that point?

No, I got the 3 Business day notification on the Monday … I posted here on the Monday evening , my money was deposited on the Tuesday.