Need help identifying a strange transaction

-Blade-

In my bank account, I have a strange transaction going out:

£241 DD - 2nd May 08 (this time last week - the only transaction this time last week was in buying GTA4 with my credit card lol).

This is all I know.

I haven't consciously setup any direct debits, in fact the last time I did was at uni for the payment stuff - which was out of my dad's account.

I was working from December - Febraury, earning £1.5k a month, could this be a tax payment?

This may look familiar to others who have worked etc and so may be able to chime in. If not, I will ring up my bank and ask them about this.

Thanks

dude get into the bank immediately. they can give you all the info you need to determine if it was fraud.

Reply 3

EggCustard

£241 Direct Debit... you would remember setting up a direct debit for that amount it's huge! did you buy a car??????

to set up a DD someone has to have some kind of company 'number' that the bank checks against to make sure it's legit - ie: someone else can't make a DD from your account with you account number and sort code.

it could be an error - ie the amount is wrong.. do you have any other dd's for smaller amounts?

or you've been signed up to something without your knowledge.. so definitely ring your bank and ask what it's for - they should be able to see what organisation/company took it.

Direct Debit's have a guarantee - it's basically 'held' for two weeks for protection purposes - you ask the bank to refund the money (you might have to fill out a form at the bank but not always)

The tax office can't take money out of your account unless they have notified you - you would have received a letter or billed you already - did you set up a dd with the tax office?

ring the bank and find out who it's for first - then if it's wrong in amount or it shouldn't have been set up then request it back... quickly!

Reply 4

OP

Great. I'm going holiday today and have no time to visit my bank.

What's stranger is that this is a credit, so a payment to me. But my debit statement indicates it's an expense (outgoing). :s-smilie:

Perhaps it must be shares? :s-smilie:

Reply 5

wolveswitch

that's different it wouldn't be a DD if it's credited to you

tax back usua;;y comes as a cheque from the tax office unless you were underpaid in your job the company would have just BACS payed it to you but would have sent you a payslip as it would have to be declared as income to the tax office

are you sure it says DD?

Reply 6

EggCustard

DD is not a credit.. it's a Direct DEBIT.

you can ring your bank - you don't have to go in person.

Reply 7

OP

If a company number is required to setup a DD, then it can only be one of two things:

1) Related to my last job, when I gave my finance details.
2) Related to my benefit for jobseekers allowance - I don't know why they would be taking my money though?

DD CREDIT CARD
241.78

DIRECT DEBIT PAYMENT - THANK YOU
241.78 CR

Reply 8

wolveswitch

confused now ring the bank and make sure you get someone who knows what they are talking about ask for a supervisor or something i know you can ring your branch with ost banks now this is very strange

Reply 9

OP

Will do.

Will let you all know the outcome eventually (have to go on holiday so can't tell you what it is instantly).

I bet it's something routine which I just can't remember - I've had this experience before and it was nothing to worry about. Of course, this is no reason to not call the bank though.

If it was a standard payment via credit/debit card I could work out what it is as I've spent money of similar amounts on required items.

Thanks guys!

Reply 10

snu

2

Uh, are yoy looking at two different accounts? It sounds like you pay your credit card balance by direct debit.

Reply 11

OP

DD CREDIT CARD
241.78

This is from my student account statement

02 May DIRECT DEBIT PAYMENT - THANK YOU
241.78 CR

This is from my credit card statement.

Excuse the ignorance, I've never been good at personal finances even though I'm from a business background.

What do you lot make of this?

Reply 12

Niaya

13

your credit card is set up to be payed in full by direct debit

Reply 13

Talya

16

Your bank took £241.78 from your current account (student account) to pay off your credit card balance.

Reply 14

ThePants999

And the way that will work is like this. You spend some money on your credit card. At the end of the month, the credit card company send you a statement showing how much you spent that month. Near the end of the next month, they take that much out of your bank account. So this was paying back £241.78 that you spent approximately in March (and not necessarily on one thing - the total from all the month's transactions).

Reply 15

snu

2

Debit from one account, corresponding credit to other account. What's not to get?

Reply 16

LittleGirl

-Blade-

DD CREDIT CARD
241.78

This is from my student account statement

02 May DIRECT DEBIT PAYMENT - THANK YOU
241.78 CR

This is from my credit card statement.

Excuse the ignorance, I've never been good at personal finances even though I'm from a business background.

What do you lot make of this?

looks entrirely normal then, if one of this is your bank account and the other credit card... your card is set to DD...

silly boy... :wink:

Reply 17

andy_cole2

you can change it to pay just the bare minimum if you'd rather, its normally works out to about 5 quid a month.

Reply 18

Talya

16

andy_cole2

you can change it to pay just the bare minimum if you'd rather, its normally works out to about 5 quid a month.

BUT you will end up paying a LOT of interest.

Don't spend what you can't afford to pay back on a credit card.

Reply 19

andy_cole2