# Direct debits and interest on loans



## bonzer1again (16 Feb 2012)

Hi,
I have a loan with my credit union and every month, the 27th, I pay a direct debit to the credit union. I have noticed on my statement that the date that the money I transfer over to the credit union varies from month to month sometimes not being credited until the 7th. I asked at my credit union and apparently the transaction arrives each month at the same time but it then has to be manually credited to my account. As a result of this each month the interest on my loan varies according to when my account is credited. My question is this should the credit union be lodging the money the day they receive it and if they don't should the interest im paying be adjusted for the lateness of their crediting of my account..I'm really looking for some type of document or set of guidelines that i can bring with me to the credit union as I want to have this out with them...If they are in the wrong that is. Thanks!!!


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## Slim (16 Feb 2012)

Hi

Credit Unions are bound by Regulation 53, European Communities (Payment Services) Rgs, 2009 to credit the payment to your account with effect from the date it is received in the CU account. So, you have a case to bring to the CU.


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## bonzer1again (16 Feb 2012)

Slim, 
That info is very much appreciated...I found that document online and its exactly what I was looking for...Thanks a lot!!!


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