Direct Debit come out early!

GirlieQ

Hi all,
apologies if this has been asked before.

I just checked my bank online and a debit for 126 meant to come out on Monday has been taken out of my bank early. I will go to the bank and put money in to cover this tomorrow but im worried im going to incur an extortionate £28 charge. Does anyone know the deal with this?

I bank with Natwest

thanks for your help

Sol00

From what I know, the money isn't actually taken out, it's simply 'earmarked' ie. you can't touch it now, so you shouldn't get any charge. If you do however, you would need to get the charge refunded from the company that applied for the direct debit, as the banks are simply refusing all refunds at the moment.

Extant

Saturday and Sunday do not exist in banking, they are not working days.

The Direct Debit is scheduled to leave on Monday, and has been requested by the originator already. It hasn't "gone" anywhere yet, it's just there for information. Nothing has actually happened yet and will not happen until Monday.

daveyjp

"Saturday and Sunday do not exist in banking, they are not working days."

Please tell Abbey that - a dd payment left our account on a Saturday. Their error and they waived the charges.

agsnu

Money to cover direct debits (or an arranged overdraft) have to be in place the working day before they are due to come out, otherwise you may be liable for charges - since they are overnight processes.

GirlieQ

im confused, does this mean i will get charged?

Im putting the money in in the next hour so it will be there for monday morning

Sol00

I suppose the only way of knowing for sure is to check with the bank directly.

Fedz

The DD amount is just 'earmarked' or 'reserved' so if you just pay the money in you should be fine as it doesn't actually go while Monday but, natwest do this as standard, I'm surprised you've not noticed it earlier.

To be on the safe side just clarify this when you go into the bank.

In one respect it's a good idea as now it's reminded you to not fail it otherwise you can't really pay the DD in cash by Monday after close of business today can you and DD's go early hours of Monday morning.

simax

RBS and Natwest do this. Any debit/credits that are due on a monday go through on the Saturday before.

It's good if you get paid on a monday, as you'll get your money two days early :-)

storminbalder

And a cheque I paid in on Tuesday cleared at midnight last night (Yorkshire Bank). None of this waiting for Monday business.

I prefer it this way.