Is DD cleared the same day?

drlight_2

I've just been charged £38 for a unpaid DD (tiscali broadband £15.65), which I agree is my own fault but I had 78P in my account & money that was going in the day after is a day to late so I paid in £15 into my account on the same day but it didn't help

Did this once before and it was excepted so I phoned the bank who put me through to thier charge company who said the money has to be there the same day as the DD. After I paid in I checked my balance which showed my account back in credit. I explained thisthen he corrected himself and said it has to be in the day before.

Is this right? he also said it was a detterant which I didn't like because tiscali had brought the DD forward two weeks & I paid £50 but wasn't going to clear until the day after the DD (there was a problem I won't go into where I was suppoed to get £30 cash but a lady didn't know what she was doing & paid it onto my card isntead) & I had to borrow the £15, things weren't going to plan but I won't say I wasn't determined.

amandathepanda

The money has to be in the account the night before the dd is presented for payment. Everything is automated these days so that as soon as the dd is presented if there are not enough funds in the account it would automatically be returned. They may have paid the dd for you last time if it was the first time a dd had taken your account overdrawn.

realaledrinker

Depends on the bank. There are plenty of sob stories describing similar problems where the bank concerned was A&L. smile in contrast work differently. As long as you transfer cleared funds from another Co-op account or pay in cash over the counter of a co-op branch on the same day to put you back into the black, then you are ok. I keep my spare cash in a Co-op savings tracker account (4.75% inc bonus) & move it as needed on a daily basis

Having said that, their T&Cs say you need cleared funds in the account at the end of the previous working day, but I haven't come a cropper (yet).

Maisie

Most banks need the cleared funds in the account the night before as the DD processing usually happens during the night.

Comes out of your account immediately but doesn't reach the other account for 2/3 days.
All in the banks' favour!

Sometimes a cash payment into the account does not show the same day.