No start dates on recurring deposits

TheRaveneerTheRaveneer Posts: 105 Bronze ✭✭✭
Hi there. I'm trying to setup a recurring deposit using a credit card. It won't allow me to provide the start date for the transaction. It appears in the documentation that it might do so if I deposit with a linked bank account (although I don't have one so I can't confirm). Regardless, any idea why credit card deposits can't be set up as recurring with a start date? That would be a strange peculiarity if it allowed start dates for one type of deposit but not another.

Thanks.

Comments

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Hi @TheRaveneer - there is actually a simple reason for this! With the direct banking options, we can set up a pre-authorized deposit schedule ahead of the first deposit actually taking place. For credit card processing, we are only permitted to set up a pre-authorized deposit schedule at the time of the first deposit in the schedule. I know it is a smidge inconvenient, but if you log into your account on the day you wish to start and set it up, you will be able to have it recur following that.
  • TheRaveneerTheRaveneer Posts: 105 Bronze ✭✭✭
    edited November 2016
    I figured it was something like this. It's completely ridiculous of regulators to inconvenience the users. It's worse than you think, to get a schedule on the 1st and 15th (for bi-monthly paycheques, not bi-weekly), you need to setup two recurrings on 1 month intervals since bi-monthly doesn't exist. So now it's not just the first deposit in the schedule impacted, it's every deposit that you want to repeat monthly to match paycheques and properly control your cashflow.

    Thanks for the reply.
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