I just had my first direct debit go off. It failed. The way my old bank (NatWest) did direct debits was so much better. Here are the problems:
I got a message on Friday saying that my direct debit would be taken “tomorrow” and I should transfer funds from my pot. I did this, but the funds weren’t taken “tomorrow” it was Monday.
Monday morning comes and I wake up to find they’ve been declined very early. It was before I woke at 6.30am. Why can’t direct debits be taken in the afternoon? NatWest deducts them at 3pm and they text me in the morning so I had the whole day to make sure the funds were in place.
Not only did Monzo text me on the wrong day but they failed the payment while I was asleep with no warning and no way to resolve it.
You’re supposed to do things better than traditional banks but this first direct debit experience today has been a big disappointment compared to NatWest.