MAC Code for Banks
Are MAC codes for banks long overdue?
Was discussing banks with Bloor on Facebook. He paid his credit card off early but the bank still took the payment as Direct Debit meaning he had paid it twice. Apologies forthcame and situation was rectified but then the DD wasn’t taken at all the following month so he got stung with a penalty charge. Again it was sorted but when things like this happen they can take days out of your life. It’s a bit like calling an insurance company or HMRC but takes even longer.
I had a situation recently where I paid a mortgage off but the bank still took the DD for it. Sigh… It did get sorted but the person at the bank, who was most helpful said that DDs are entered into the system 10 days or so in advance of the money being taken (as I recall – if not 10 days it was a simlar timeframe). Most banks will be the same. Their systems are antiquated.
I’m not sure it matters which bank you are with and changing banks is a pain in the arse anyway. We concluded that what was needed was a MAC Code system for banks. One that provided all the information needed to transfer not only your account but all the Direct Debits as well.
If nothing else this would prompt banks to be more competitive. If it was easy for people to move then they’d soon get their collective act together.