Earliest time of day a DD will be taken

Galdere

Hello,

Does anyone what the earliest time of day a direct debit will be taken is please? Does it have to handled by the bank when it opens on day 3 or is it taken automatically any time after midnight?

Thanks

simpywimpy

most banks say the money has to be in by midnight

Galdere

Thanks

10chars

Galdere

I suppose they will say that even if it is because they might be dealt with by a bank first thing in the morning though. If someone can clarify this it would be much appreciated. I've heard that they are dealt with manually by the bank, but I'd like to have that confirmed please.

noh

Galdere wrote: »

I suppose they will say that even if it is because they might be dealt with by a bank first thing in the morning though. If someone can clarify this it would be much appreciated. I've heard that they are dealt with manually by the bank, but I'd like to have that confirmed please.

No.
DDs are processed automatically sometime after midnight. Different times for different banks.

I'm sad enough to know that my online account with Nationwide is updated around 2am with that days DDs and SO.

My Halifax account is updated around 3am.

missprice

my previous bank (barclays) just said the money has to be in that day
ie same day DD comes out
dunno with new bank yet

Galdere

Hmm I know I would have a credit almost immediately after midnight and a DD on the same day. If things were to fit right for those couple of hours it could save me a lot of hassle.

Thanks

noh

Galdere wrote: »

Hmm I know I would have a credit almost immediately after midnight and a DD on the same day. If things were to fit right for those couple of hours it could save me a lot of hassle.

Thanks

Which bank account?

Galdere

Barclays current account

pmduk

I was told once by the Co-op bank that they try DDs first thing (ie soon after midnight) They will try again later in the day to "mop up" any that fail but the accounts have since been credited.
This was a few years ago, fortunately my finances are now organised so I've not had to test it since.

noh

As stated above by missprice.
Barclays require a positive balance at the end of the day to avoid fees and charges.
So if you have a DD and a credit on the same day there is no problem as long as your balance at close of business is positive or within your limits.