Direct Debit payments!!! Bank taking them early!!!!

2

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  • This system also works in your favour, if money is due in to your account via bacs on a Monday you can withdraw it anytime over the weekend.
  • dunstonh
    dunstonh Posts: 116,038
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    Apologies if this has already been reported but I am soooooo mad about my bank.....Lloyds TSB.:mad: :mad: :mad:

    Now that you realise that Lloyds are doing nothing wrong and you were mistaken, are you happy with that?

    For decades Lloyds have been able to show Monday's transactions on a Saturday. 20 years ago you could go into a Saturday branch (not many back then) and get a "printout 10" to see what was going through monday. It had no impact on overdrafts because as others have said, Saturday is not a working day. The internet has allowed online banking but all you are getting is better interface to what has been the case for a long time.

    Nothing wrong here at all.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Toomuchdebt
    Toomuchdebt Posts: 2,128
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    This system also works in your favour, if money is due in to your account via bacs on a Monday you can withdraw it anytime over the weekend.

    No it doesn't-I get money paid in every Monday morning without fail (child tax credits)and I can't access it until around 3am on Monday morning-it's just not there before that time.As for the direct debits issue-my direct debits don't get taken out on a Sunday and I have often had a DD come out Monday morning after the cash has gone in-they've never gone out on Saturday or Sunday and I check my account online every day.I'm with Nationwide.
    Debts Jan 2014 £20,108.34 :eek:

    EF #70 £0/£1000

    SW 1st 4lbs
  • dunstonh
    dunstonh Posts: 116,038
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    I'm with Nationwide.

    Building societies and some of the ex building societies often run legacy computer systems which are not as up-to-date as some of the banks. Indeed, it wasnt until not too many years ago that they stopped using the local bank branches to pay the money into themselves. The building society manager used to cross the road and pay all the cheques and cash in that they had taken that day into the bank the society held its account at.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mark7799
    Mark7799 Posts: 4,803
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    dunstonh wrote: »
    Building societies and some of the ex building societies often run legacy computer systems which are not as up-to-date as some of the banks. Indeed, it wasnt until not too many years ago that they stopped using the local bank branches to pay the money into themselves. The building society manager used to cross the road and pay all the cheques and cash in that they had taken that day into the bank the society held its account at.

    Brings back memories:D :D
    Gwlad heb iaith, gwlad heb galon
  • woozywendy
    woozywendy Posts: 346 Forumite
    No it doesn't-I get money paid in every Monday morning without fail (child tax credits)and I can't access it until around 3am on Monday morning-it's just not there before that time.As for the direct debits issue-my direct debits don't get taken out on a Sunday and I have often had a DD come out Monday morning after the cash has gone in-they've never gone out on Saturday or Sunday and I check my account online every day.I'm with Nationwide.


    Same with my bank. I am with Halifax and also check my account regularly. Also get our tc on a monday.
  • Proper Banks let you take out your money that goes in on a Monday over the weekend, but some of the building society banks don,t.
  • Mikeyorks
    Mikeyorks Posts: 10,369
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    That's not the criteria. If a BACS Direct Credit for salary is due on a Monday - then it should be processed in the Sunday night batch - and be available in the early hours of Monday morning.

    But most of the 'proper Banks' are incapable of running their systems over the weekend. So they have to process it in the Friday night batch (along with DDs due Monday - which should also be processed overnight Sunday). So you 'see' the availability (of the salary) over the weekend and the unavailability of the DDs similarly.

    Halifax are the only ones I know that run systems 7 days. And they put the correct components into the Friday and Sunday night Batch, in order you see a correct picture. They don't run Batch on a Sat night as there's no point - as no one else is feeding them anything to process!

    All to do with how capable their systems are - nothing to do with Banks or Building Societies (ex or otherwise). Be interesting to see how they all cope with the 'instant' parts of 'faster payments' .... which is supposed to work between Institutions on every day ... not just 'working days'
    If you want to test the depth of the water .........don't use both feet !
  • :eek: Horrified I was when I found that I had been charged yet again for apparently being overdrawn when it didn't show up on my online banking or on my statement. Halifax told me that I should read my terms and conditions and that it had occurred because they take direct debit payments at 3am on the date the DDs are supposed to go out. Naturally I do not think like a bank and I assume that the date the money is taken is a normal working day i.e. 9am to 5pm. But NO! we have to think like machines and then be spoken to like numbskulls. Does anyone have any tips about how I get my bank charges back? Helen:rolleyes:
  • olly300
    olly300 Posts: 14,736
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    :eek: Horrified I was when I found that I had been charged yet again for apparently being overdrawn when it didn't show up on my online banking or on my statement. Halifax told me that I should read my terms and conditions and that it had occurred because they take direct debit payments at 3am on the date the DDs are supposed to go out. Naturally I do not think like a bank and I assume that the date the money is taken is a normal working day i.e. 9am to 5pm.

    The date the money is actually taken out is an normal working day.

    The time it's taken is normally in the early hours of the morning as that's when the most spare computing capacity will be.
    But NO! we have to think like machines and then be spoken to like numbskulls. Does anyone have any tips about how I get my bank charges back? Helen:rolleyes:

    It's nothing to do with thinking like machines. It to do with knowing that certain business processes and procedures will take place in the night to make the system run smoother. For example how would next-day mail deliveries work if things where not done in the night? Or to put it another way why are their night workers?
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
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