DD's and Christmas??

Shelldean

OH & I were just discussing our finances etc, and we was wondering what would happen if a DD was due on the 25 Dec this yr??
Normally as it's a Saturday we'd expect it to leave the a/c after the wk/end, but seeing as the 27th & 28th Mon & Tues are classed as 'holidays' does this mean it won't leave until the 29th dec???

also a DD due on the 1st which is a Saturday, normally leavin on the Monday which is also classed as a holiday, would that wait until the Tues??

Hax

Direct debits normally scheduled for a weekend or bank holiday will usually be taken on the first working day following.

Shelldean

Hax wrote: »

Direct debits normally scheduled for a weekend or bank holiday will usually be taken on the first working day following.

yes thats how we know it works, but given that the Monday and Tuesday are supposed to be holidays as christmas & boxing day fall on the wk/end. The next offical working day is Wens. But I'm pretty sure banks etc won't remain closed until Wens will they?

Consumerist

I think Tues (4th) is the first working day in the new year. Only the 3rd is a holiday.

Edit
Wednesday 29th is the first working day after Christmas so thats when the banks will next open after Christmas.

Shelldean

Consumerist wrote: »

I think Tues (4th) is the first working day in the new year. Only the 3rd is a holiday.

According to my research online, the 27 & 28th are classed as holidays too, due the fact Christmas day and & boxing day fall on the wk end.

Just checked and we're ok but it roused my curiosity thats all

pqrdef

Shelldean wrote: »

But I'm pretty sure banks etc won't remain closed until Wens will they?

Yes.

And if your agreement with the merchant is that you're responsible for the money reaching them by a certain date, they'll initiate the DD early to ensure it arrives on time. So if the due date on your credit card statement is the 28th, they may request the money on the 23rd this month.

iceicebaby

If a DD fals on a non banking day, the bank will release the funds the next banking day. However the funds will have to be in the account and cleared the banking day before.

For example, a dd due on 25, 26, 27 and 28th will be released on 29th, but the funds will need to be in the bank and cleared by end of banking on the 24th.

Consumerist

Some banks (e.g. Halifax) will allow you to to square up by the end of the first banking day after the holiday without incurring overdraft charges. There is the possibilty of incurring paid-item fees if you exceed your overdraft limit at the time a payment is made during that day.

opinions4u

Consumerist wrote: »

Some banks (e.g. Halifax) will allow you to to square up by the end of the first banking day after the holiday without incurring overdraft charges.

That does apply to URCA and Reward. Easycash is different though (or was last time I checked) so it's a thought to be wary of.

Check the T&Cs!