Paying into my A&L account

AdamB

I was just wondering if I paid some money into my A&L account through the post office, will I be able to withdraw it again the same day? Ive lost the bit of leaflet that tells me how long it takes stuff to go through via PO.

Thanks guys.

msmicawber

No you won't be able to withdraw it the same day as the PO just posts it to A&L free for you. It'll take a couple of days to appear in your account.

Milarky

msmicawber wrote: »

No you won't be able to withdraw it the same day as the PO just posts it to A&L free for you. It'll take a couple of days to appear in your account.

Not true. You can draw cash OTC immediately but what you can't do is cover an arranged 'transfer' such a direct debit or standing order that same day by paying in OTC. But if the transfer is within the authorised overdraft it will honoured - and the cash paid in OTC at any post office immedaitely credits your account (they don't 'post' the money physically) then the latter offsets the former and no interest/overdraft useage fee should apply.

If the OP just want's to go to an ATM after visitng the PO that's fine too.

Cloudane

Cash is available immediately (well, within a couple of hours - keep an eye on your 'available balance'), cheques are posted. And yeah, it doesn't cover anything that was due to go out on anything like a Direct Debit that day, as they're counted first, as if they went out at 00:00:01. So you'd be overdrawn for the hours leading up to when you paid it in.

What catches people out is that the DD goes out on that day, but isn't reflected on the transactions list and balance until the following day but it still counts as the day before.

E.g. starting balance £200. A £300 DD goes out on the 18th of every month.
In the early hours of this morning, the DD goes out, leaving you £100 overdrawn.
When you get up, you check your balance but it hasn't updated yet and still says £200. As far as their systems are concerned, it hasn't happened yet even though it has (yeah, it's weird).
You put £100 in at 10:00 and think you're covered.

Later that day, you check your transactions list online, but it hasn't updated yet:
15th July - Paid in - £200.00 - Balance £200.00
Your Balance and Available Balance say £300.00, so it looks good.

On the morning of the 19th however your transactions list says:
18th July - Cash paid in at PO - £100.00 - Balance £0.00
18th July - Direct Debit - £300.00 - Balance £100.00 DR
15th July - Paid in - £200.00 - Balance £200.00

This is how A&L's banking system works. Everything runs a day behind, just think of Direct Debits etc as being pre-dated by 1 day and you should be ok. You might not actually get charged for less than a day, but best not to take that risk - A&L are known to be quite ruthless.

msmicawber

Sorry, I assumed OP was talking about cheques for some reason (probably because that's all I ever pay in).

frepol

Cloudane wrote: »

You might not actually get charged for less than a day, but best not to take that risk - A&L are known to be quite ruthless.

They do. Ruthless and useless

phildamb

AdamB wrote: »

I was just wondering if I paid some money into my A&L account through the post office, will I be able to withdraw it again the same day? Ive lost the bit of leaflet that tells me how long it takes stuff to go through via PO.

Thanks guys.

If you paid it into your account using your cash card and you had to put your pin in the money is available straight away. If you had to post it off via an envelope its a few days.