Direct debits & dates

easterbunni

Afternoon all... not my first post as I saw something else to reply to first

Anyway - just checked in with the bank accounts, and have noticed that the DDs for tomorrow (1st Nov) have already gone out. Two are household bills and the third is a credit card. I then went to check the credit card, and the DD has already been applied, even though it says it is due tomorrow.

I thought the banks, and even their computer systems could not operate on Sundays, of all days, even in this day and age, so how come it's done the DDs a day early?

What would have happened if the money wasn't available today and I was banking on them coming out tomorrow? :eek:

It's a Lloyds TSB account if it makes any difference - I've never had that happen before with any other current account :huh:

Thanks!


You'll probably find me in the Debt Free Wannabes section from now on

zppp

easterbunni wrote: »

Afternoon all... not my first post as I saw something else to reply to first

Anyway - just checked in with the bank accounts, and have noticed that the DDs for tomorrow (1st Nov) have already gone out. Two are household bills and the third is a credit card. I then went to check the credit card, and the DD has already been applied, even though it says it is due tomorrow.

I thought the banks, and even their computer systems could not operate on Sundays, of all days, even in this day and age, so how come it's done the DDs a day early?

What would have happened if the money wasn't available today and I was banking on them coming out tomorrow? :eek:

It's a Lloyds TSB account if it makes any difference - I've never had that happen before with any other current account :huh:

Thanks!


You'll probably find me in the Debt Free Wannabes section from now on

Most banks require that you have sufficient funds in the working day before the item is due. Thus on weekends it is normal to see a pending transaction dated for the following Monday. Some banks allow same day cover, however I am not sure how this operated with Lloyds.

Lokolo

Friday ends. The next working day is Monday. So transactions for them show. Although saying that I didn't think Lloyds did that!

With Natwest when you have wages coming in. Anything that would usually come in on Monday would be backtracked to Saturday.

Torry_Quine

I'm with Lloyds and my DD due tomorrow are showing with tomorrow's date though and this is standard. I always make sure that thereis money in my account the day before they are due.

rb10

The computer systems at many banks are pretty old, and can't really cope with modern things like 24-hour banking, and people being able to see their accounts at weekends.

So they take the money at any time over the weekend.

So Lloyds will generally take the money on a Sunday afternoon, but with Monday's date. Natwest, on the other hand, will (I believe) take it overnight on Friday/Saturday.

One exception to this is Halifax, who will always do Monday's transactions on a Monday.

Of course, it works the other way, too. If you are having money paid in, that will show up sooner as well.

easterbunni

Yeh all the transaction dates are tomorrow's - even the shopping the other half did on Thursday has tomorrow's date!

So if their 'old' computer systems can indeed make transactions over the weekend, why do they bleat on about weekends not being 'working days' and BACS takes an extra two days :roll:

Thank goodness for faster payments! (I think! :rotfl:)

Baldur

Lokolo wrote: »

Friday ends. The next working day is Monday. So transactions for them show. Although saying that I didn't think Lloyds did that!

Tomorrow's SO from an LTSB Vantage account for my LTSB Monthly Saver is showing as transacted today but with tomorrow's date.

stclair

Dont Lloyds TSB offer a 3.30 grace period anyway.

So as long as there is cleared funds paid into the account by 3.30 on Monday you would be okay.

pmduk

I really think there should be a sticky post on this subject, it seems to confuse people all the time.

noh

pmduk wrote: »

I really think there should be a sticky post on this subject, it seems to confuse people all the time.

Yes every weekend it confuses someone.

pqrdef

easterbunni wrote: »

What would have happened if the money wasn't available today and I was banking on them coming out tomorrow?

With the credit card payment, that would be too late, because the money is supposed to reach your account by the due date. If a weekend gets in the way, that means earlier rather than later.

How late you can get away with a payment by debit card or FP depends on the lender, but with Direct Debit they'll go for it the night before, or Friday night for Monday.