Direct debits are now a legacy feature. InvestEngine has introduced a new Savings Plans feature, which replaces direct debits using VRP (variable recurring payments).
Clients that have existing direct debit mandates, will continue to see those mandates paid into their InvestEngine account. We will not ask clients to cancel any existing direct debits they have set up prior to the release of Savings Plans.
Any client who wishes to set up a new recurring payment, will use our new Savings Plans feature, instead of setting up a direct debit. If your bank does not support VRP, then we will assist you further and manually set up a direct debit for you.
How to amend a Direct Debit?
Now that we have launched the new Savings Plans feature using VRP, clients who wish to amend their existing direct debit will have to set up a new VRP using the Savings Plans feature.
Existing mandates: when will my direct debit payment appear in my account?
The date that you choose to make your monthly payment is called the charge date.
Three working days before the charge date an entry will appear in your Transactions tab for your Direct Debit payment and will be marked as 'Processing'. On this day your bank begins to process the Direct Debit.
On the charge date, the funds will be deducted from your bank account. We will receive the funds two working days after this. It takes one working day for the funds to be reflected in your portfolio.
To sum up: Direct Debit payments will appear in your account three working days after the charge date or six working days if we count from the date the transaction is created on your dashboard.
(The new Savings Plans VRP will only take one day to reach your InvestEngine account).