No, you don't need to provide your bank details when you sign up for this service, but we certainly recommend it.
Is it really needed?
One reason for submitting your bank details is for convenience purposes. If you're already paying for your energy bills automatically, this is there to help you continue that when it's time to switch so you'll never have to worry about keeping track of them and risk getting penalised for missing a payment.
Why would I use Direct Debit?
Bank details are only required if you select monthly Direct Debit as your preferred payment option. We only use these details when switching you to set up the payment with you new supplier. Don't worry, we're a free service so we'll never take any money from you.
Secondly, and more importantly, it allows for more tariffs to be made available for you. Many energy suppliers prefer Direct Debit payments so they frequently reward their customers by giving them access to cheaper tariffs. By selecting a different payment type, you will likely miss out on these.
Even with Direct Debit, you'll continue to have the ability to review your bills but you can do that unconstrained by any predetermined time frames (i.e. the bill's due date).
Which payment types do you support?
We support the following payment method types:
- Monthly Direct Debit
- Pay on Receipt of Bill
- Quarterly Direct Debit
How do I set this up?
Whatever your payment preference is, you can customise your account to reflect that. All you need to do is go to the Dashboard and locate the payment method box in the Account Details section.
Here's an example:
Did you know?
Labrador is ISO 27001 certified. This means that we've been awarded with a certification that acknowledges our ability to handle sensitive information securely and responsibly.
We're also able to extend the Direct Debit Guarantee, which states:
- This Guarantee is offered by all Banks and Building Societies that accept instructions to pay Direct Debits.
- If there are any changes to the amount, date or frequency of your Direct Debit, the energy provider will notify you 10 working days in advance of your account being debited or as otherwise agreed. If you request the energy provider to collect a payment, confirmation of the amount and date will be given to you at the time of the request.
- If an error is made in the payment of your Direct Debit, by the energy provider or your Bank or Building Society, you are entitled to a full and immediate refund of the amount paid from your Bank or Building Society. (Similarly, if you receive a refund you are not entitled to, you must pay it back when the energy provider asks you to.)
- You can cancel a Direct Debit at any time by simply contacting your Bank or Building Society. Written confirmation may be required. Please also notify your energy supplier.
All this to say that should you choose to provide your bank details, know that your data is in safe hands.