Direct Debits and Bank holidays

Cedric_Simple

Hiya all,

Due to get paid on Friday and have a number of direct debits due out as soon as my wages enter the bank.

Now panicking that i wont be paid and if it isn't in the bank tomorrow i presume it will be Tuesday.

Will the bank still be able to take the scheduled direct debits on the Friday do you know?

Hope not or i will end up with charges galore.

Thanks

rb10

Direct debits will only be taken on working days, so if they are due on Friday they will instead be taken on Tuesday.

Standing orders work in the same way, unless they are going to an account at the same bank, in which case they may still go on Friday (depending on the bank).

bev309

If I were due to be paid on the Friday, & it was a holiday, I would be paid on the Thursday. Don't know if it is the same for your company?

hippey

But you should have cleared funds in your bank by the cut off today to ensure your DD's are paid.

onlypaddy

yep, this is one reason why it is prudent to arrange to have DD's taken out at least 3 days after payday

continualdiamond

If you bank with natwest like i do, the money will go out but will say Tues date next the DD.

If i have DD due on the Monday regardless of whether its a bank holiday or not, everytime i log into internet banking on the Saturday the funds have gone but next to the DD date it will have Monday next to it.

Same goes for my pay day (22nd) if that falls on a Monday its available the Saturday before.

I would of thought you'd be paid today as like i said just with my pay day being the 22nd of every month, if that falls on a weeked, i get paid on the Friday.

My OH is paid every Thurs, but next week he won't he'll get paid on the Friday cos the bank holiday Mon will push everything back by a day being processed, but where used to that now.

Cedric_Simple

Hi.

I got paid today a day early and none of the 3 direct debits have been taken luckily. They will go Tuesday then.

Mikeyorks

No luck involved .... that's the way it works. DDs only do Bank working days and will usually go out the following working day if they are due on a Bank holiday / weekend.

But if you've got several DDs due out the same day you're paid .... and you don't carry a buffer / agreed overdraft sufficient to cover .... you're going to have a problem one day. Try to move the DDs a few days later, in order to give yourself some contingency.

DCFC79

I go on the basis that DD's are taken out on the next banking day which seems to be the consensus here

trynsave

In my experience most D/Ds do go out on the next working day, but I once had my mtge with Stroud & Swindon who always claimed on the last working day of the month. It wasn't an option with them to amend the date they claimed.

If a weekend or Bank Holiday meant they claimed before the last actual day I had to spend ages sorting out the funds to be in the right account at the right time. My husband was also always paid on the same last working day, my bank didn't insist on funds being available the day before (unlike A&L) , so the money was there just in the wrong place!

The only other thing to do was to set up a s/o but that involved paying twice in month 1 and we never had the funds to do that.

This is just a word of caution - don't rely on companies claiming later than usual - if it is a potential problem for you PHONE them beforehand and ASK THEM.

Mrs_Ryan

I've just had a DD to Capital One due Tuesday claimed today... it was only for a tiny amount and the money was there anyway but I would have thought they would have waited till Tuesday!