What is the SEPA Direct Debit (SDD) Scheme?
The SEPA Direct Debit (SDD) scheme allows both domestic and cross-border collections to be made in Euro throughout the current 33 SEPA countries. Consumers are able to pay for goods or services throughout Europe via direct debit as easily, securely and efficiently as they do at home.
What are the features of the SEPA Direct Debit (SDD) Scheme?
- Terms and conditions for the consumer are standardised across all current 33 SEPA countries
- The SEPA Direct Debit scheme covers both recurring and one-off direct debit collections
- Maximum settlement times are defined for recurring and one-off direct debit collections
- BIC and IBAN are the only permissible account and bank identifiers
- There is an extensive set of rules for handling rejected, returned, refused and refunded SEPA Direct Debit collections
- The SEPA Direct Debit (SDD) scheme is backed by EU legislation - the Payment Services Directive (PSD).
- What will happen to existing Direct Debit mandates after 1st February 2014?
- How do I recognise a SEPA DD?
- How will I know if my SEPA DD Services instruction has been completed?
What rights/options can I avail of, in order to manage my direct debits, under the SEPA scheme?
SEPA Direct Debit Services are rights/options that customers can avail of in order to manage their direct debits under the SEPA scheme.
You will find a full list of these options on the SEPA Direct Debits Services page on the Bank of Ireland Group website. Should you wish to avail of any of these services, you will need to complete the relevant form and return it to the address specified.
- Can I complete a SEPA Direct Debit Service request online?
How can I cancel a SEPA DD?
To cancel a SEPA DD you can submit a Cancel SEPA Direct Debit Mandate request via the Online Service Desk area of 365 online.
Alternatively, the Cancel Direct Debit Mandate instruction can be found on the SEPA Direct Debit Services page on the Bank of Ireland website.
Customers must also inform their direct debit originator of the cancellation of the mandate in order to prevent further collections.
What is a Unique Mandate Reference (UMR)?
This is a unique mandate reference assigned to you by your creditor. It is assigned to a specific mandate and is used throughout the lifetime of that mandate.
You will need this detail when availing of a SEPA Direct Debit Service. You can find it by contacting your creditor directly or from your recent transactions on 365 online where extended information (like the UMR) is available for previously presented SEPA Direct Debits.
What is a Creditor ID?
This is a unique direct debit scheme identifier of the company with whom you have signed the direct debit mandate i.e. the creditor. The Creditor ID replaces the existing 6-digit DD originator number for SEPA Direct Debits but contains these original 6-digits within it. See example below:
DD Originator Identifier Number: 123456 Creditor ID (Irish Creditor): IE19ZZZ123456 Tip: non-Irish Creditor IDs may be longer (up to 35 digits)
You will need this detail when availing of a SEPA Direct Debit Service. You can find it by contacting your creditor directly or from your recent transactions on 365 online where extended information (like the Creditor ID) is available for previously presented SEPA Direct Debits.