Question about cashpoints & direct debits?

katchambers

Hi,

A question: The night before a direct debit was due to come out of my bank I put the money into my bank account to pay for it. However, in the morning my direct debit bounced and I was charged, and the money didn't show in my account until the afternoon. I thought that the money was back dated to the morning or the night before when I actually put it in. Is it me or the bank at fault?

I want to know if I have a case before I ask them to refund me the charges.

Thanks

clark1982

I'm with the HSBC and their policy is the funds are avilable in 2 working days.

Arkad

It depends mainly on how you paid it in. Usually it's up to 4 days for a BACS transfer from another account, 3 days for a cheque to clear, 2 days for an automated credit such as a standing order, cash paid in at branch is usually done on the same day.

This is taken from my experience, so have a look on your banks website for more details.

The same thing happened to a friend of mine a while ago and a phone call to the bank resulted in the charge being reversed.

MPH80

The only policy to avoid these charges is to ensure the money is there at the close of play the day before the DD is to come out.

You have to look at it from a computer system point of view.

5am - run batch job of all direct debits coming out of the system
5:05 - encounter KatChamber's direct debit. Check account for sufficient funds. None found.

The system might know you made a deposit the night before - assuming the cashpoint desposits system links to the main account database - but that's no guarantee that what you *said* you put in is actually what you did so the bank has to manually verify it.

Now - does the system a) wait and try and run the direct debit run again in the evening - knowing that if it does - the direct debit requestor *might* not get the approval of their funds till the next working day - upsetting them or it might delay the delcination notice or b) does it decline the direct debit and notify the requestor so they get the notification as soon as possible?

M.

regularsaver1

Most deposit envelopes have to be checked by hand

I know there was a silly customer that thought it was funny to out that he deposited £1million into the ATM. Of course his account was not £1million in credit. Most ATM's therefore have a time period for the funds to clear.

For a direct debit, the funds should really be in the account cleared 2 days before to double ensure

BASFORDLAD

When i was £18 i put a deposit in a cash machine, well there was no money in the evelope but they credited it as if the was, let me withdraw!