banks end of buisness day

knuckles1981

hi everyone

I went to a branch of natwest yesturday to put some money in my account to cover a Direct debit which came out yesturday for £12.95
i came home last night and checked online to see if it has been covered and it had been.
However i checked online this morning to find the Direct debit has been refused and ive been charged £38 for not having enough funds in my account i put £65 in my account at 310 pm yesturday any idea's why this has happend? did i miss a deadline or something ive checked their website and found nothing about a deadline.
Any advise would be nice

Cheers
kevin

simon_templar_2

You need to have money in the day before DD comes out. There is no exact time when these things come out. Normally it is before the bank opens so the window is 00.00 til 9.00.

JamieD_2

Did you ask the cashier to key it through manually. Unless they do this, it's not guaranteed to be paid even though you've put cash in before the 3.30 cut-off.

willo65

knuckles1981 wrote: »

hi everyone

I went to a branch of natwest yesturday to put some money in my account to cover a Direct debit which came out yesturday for £12.95
i came home last night and checked online to see if it has been covered and it had been.
However i checked online this morning to find the Direct debit has been refused and ive been charged £38 for not having enough funds in my account i put £65 in my account at 310 pm yesturday any idea's why this has happend? did i miss a deadline or something ive checked their website and found nothing about a deadline.
Any advise would be nice

Cheers
kevin

Natwest has a system in place that if you pay in before 2pm I think then they may pay the item as long as the system picks it up. However the terms and conditions still state as simon said that cleared funds need to be in the account the day before a d/d is due to leave the account.

rb10

Depends on the account and the bank.

Most banks will state that you need to have the money in the account at the close of business on the previous working day (this exact time can vary between 6-10pm, depending on the bank).

However, some will allow you to pay in cash after the DD has gone out, e.g. Lloyds will give you until 3.30pm, Halifax until midnight (on the new Reward account) and I think HSBC give you a little time as well (??).

Nigella_2

Halifax, Co op at least (prob many more) run their credit tapes first and then debits. Where it is not best to rely on it I have had no problem where the two coincide.

Woolwich use to allow you to pay to cover a debit up to early afternoon before it would be rejected.

Some banks work on close of business balances where some accounts are up to the minute. Co op show the DD name the same day where Halifax I had to wait until next day.