This section requires Code Subscribers to stop or cancel a direct debit facility linked to a member’s transaction account promptly on request by that member. Some 70% of disclosure documents we reviewed provided correct information about the cancellation process to members, in line with Code obligations. However, our shadow shopping exercise showed no change or improvement in the verbal advice provided by Code Subscribers since our previous inquiry in 2011.
Mutual Banking Code of Practice: Stopping a Direct Debit Arrangement,
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11 June, 2012 - in Inquiry Report