Require banks to allow customers to set maximum caps on Direct Debit payments
National
·28 contributorsAmend the Payment Services Regulations 2017 to require banks to provide a "Customer-Defined Cap" for Direct Debits. If a withdrawal attempt exceeds this cap, the bank must automatically block payment and notify the customer. Payment should only proceed when authorised and a new cap is set.
Peter Kyle
Business Secretary
Direct Debit notice too short
Overestimated utility increases financial hardship
Ensures proposal objectives
Shield customers from erroneous withdrawals
Clear increase calculation disclosure
Similar motions
Require banks to allow customers to set maximum caps on Direct Debit payments
National
Amend the Payment Services Regulations 2017 to require banks to provide a "Customer-Defined Cap" for Direct Debits. If a withdrawal attempt exceeds this cap, the bank must automatically block payment and notify the customer. Payment should only proceed when authorised and a new cap is set.
Direct Debit notice too short
Overestimated utility increases financial hardship
Ensures proposal objectives
Shield customers from erroneous withdrawals
Clear increase calculation disclosure