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Banking transaction hours

Could anyone tell me what banking trading hours are?
I usually use internet banking and when i checked my account at 8pm i was in credit but before midnight of the same day a transaction was processed causing me to go overdrawn and thus incurring a fee. I always thought bank close of business was 5pm otherwise transactions go to the next working day. This a/c is with HSBC and is just my bills account and if i think i'm going to go over i transfer money immediately from my wages a/c. I put money in the next morning when i realised what had happened but still got charged. Does this mean i have to stay up til midnight to check my account it seems like it gives the bank carte blanche to do what they want. Can anyone give me some advice on this,Toni

Comments

  • CG19a
    CG19a Posts: 765 Forumite
    I know with natwest if they are taking out interest or a charge, it doesn't show up on that day until after the banking day is finished. So if they said they are taking the charge out on the Tuesday, you won't notice it until the Wednesday, but it will be dated for Tuesday.
  • EarthBoy
    EarthBoy Posts: 3,248 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Could anyone tell me what banking trading hours are? ..... I always thought bank close of business was 5pm otherwise transactions go to the next working day. ....

    Crikey, you are well out of date there! Banks haven't closed their business at 5.00 pm since the days when you used to have to queue up at the counter!

    Times will vary from bank to bank, but I believe that with HSBC/First Direct, payments to other HSBC/First Direct accounts will always go the same day up to 11.45 pm. Payments to other banks will go up to 11.45 pm if sent by Faster Payments, otherwise I think the cut-off time is 8.00 pm.

    The bank haven't done anything wrong here; you just haven't kept up with the times.
  • EarthBoy wrote: »
    Crikey, you are well out of date there! Banks haven't closed their business at 5.00 pm since the days when you used to have to queue up at the counter!
    Blimey you're out of date there! In those days the overwhelming majority of banks closed at 3.30pm.



    Toni when I had the same sort of experience with Nationwide I phoned and complained (politely) about the charge and the circumstances, and the call centre person quite readily removed the charge and said it comes under "mistimed credit" (or debit, I don't remember). Sounded like a frequent occurrence.

    Having said that, you really should always keep enough money in any account where you have direct debits or any automatic payments going out, just to prevent this type of problem.
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