If you are setting up a new direct debit mandate, your client will need to accept this within the client portal.
Where you are setting up a new regular direct debit collection, you will need to ensure the 'pay in' application has been submitted 4 working day prior to the collection date of 7th, 14th, 21st or 28th, otherwise the payment will be collected the following month.
Also, if the client doesn't accept the direct debit mandate within the 5 working days, the payment will be collected 5 working days after the original collection date.
Setting up a new mandate and instructing direct debit instructions
- T+0 - DDM accepted and single payment keyed
- T+2 - DDM confirmation received by client bank
- T+5 - Collection request sent to the bank
- T+8 - Money leaves client account
- T+9 - Money gets credited to the client's Soderberg account
Instructing a single direct debit (with a live direct debit mandate)
- T+0 - Single payment keyed
- T+2 - DDM confirmation received by client bank
- T+3 – Funds collected from bank account
- T+4 - Money gets credited to the client's Soderberg account
Regular direct debit (with a live direct debit mandate)
- Transactions created 5 working days before the payment date
- Money collected from the client’s bank account on the payment date (or the next working day)
- Money allocated to the client’s investment account on the following working day