At Suits Me we continuously strive to improve our product and service offering to our customers.
In our newest update, we have reduced the Unpaid Direct Debit Fee from £15 to £5. This comes into effect today, 1st May 2020.
About Direct Debits
What is a Direct Debit?
A direct debit is one of the most convenient ways to pay for regular, ongoing bills such as rent, mortgage or utility bills.
Direct Debits also come with many benefits and safety features and certainly worth setting up if you do have regular payments leaving your account each month. Read our Direct Debits information page to find out more.
What is an Unpaid Direct Debit Fee?
Although there are plenty of benefits to setting up a Direct Debit, you will need to remember to have money in your account on the Direct Debit collection day so that the agreed amount can be taken from your account.
In the case that there isn't enough money in your account for the Direct Debit payment to be taken, the following will happen.
A Direct Debit will never take part payment. For example, if you have a Direct Debit set up for £20 to be collected on the 5th of every month and at the day collection you have £10 in your account, the Direct Debit won't take the £10 as part payment. It simply won't take anything and you will then receive a charge from us for £5.
Unpaid Direct Debit Fees are standard practice for the majority of banks and some charging up to £30 for each unpaid Direct Debit.
Our previous unpaid Direct Debit fee was £15 which we feel is too high so have reduced this for all of our customers. This comes into effect on the 1st May 2020.
Why Have we Amended this Fee?
We understand that the Coronavirus pandemic has affected the whole world as we know it and sadly some people have either lost their jobs or had their wages cut due to how the pandemic has affected their place of work.
We know that this is a stressful time for many, businesses and people alike. As your banking solution, we want to be able to help you where we can and eliminate and/or reduce as much financial stress as possible so we have taken the decision to reduce these fees for you.
We are constantly looking at ways we can help our customers during this time and hope that this is one way we can help you.
Do you have any questions about this update in fees or Direct Debits in general?