Time for payment to show up in bank?

CharllieSays

I will go overdrawn on monday and want to know whether I will be charged once or twice as two payments are waiting to go through on my account.

One £50 payment I made on wednesday has not yet shown up and will not make me overdrawn.

One direct debit payment £200 will be taken on monday that will overdraw me.

If the £50 payment is taken out BEFORE monday then I will only pay once. If the £200 is taken out first then I will be charged for going overdrawn and then charged again once the £50 is applied.

So my question is... how long does it take for a payment to be applied to my account? The company I paid online say they have already applied the payment and say the debt it is settled, but it is not yet showing on my online bank statement! : /

ironlady2022

Hard to say could be a couple of days going up to a week. If the company does take it, and your DD is pushed through, you will get charged for going over + interest. Depending on the account, sometimes the DD is taken out and put back in and it's classed as an unpaid item. This fee will differ from the overdrawn fee. Speak to your bank! Alternatively you could cancel DD and have it set up again after you are in credit.

balmk

The typical clearing time for card patyments to show on your statement as a debited transaction is 3-4 days, but they have up to 6 months to claim the money.

Depending on which merchant service was used/method of transaction it should already show as debited from your availible balance.

My suggestion would be to contact your bank today to see if they will give you a temporary overdraft to avoid the charges.

CharllieSays

I have an agreement with HSBC where they will charge fees per payment, but no interest up to the first £1000 overdrawn. So the DD wouldn't bounce. Just worried about the fees.

The cost of overdraft agreement is £25. The fees per payment are up to £25 (possibly less). When I spoke to them this morning, they said if it is just one payment then it will probably be cheaper to just pay the fee as I have a grant payment coming through in a couple of weeks and have no other payments going out before then (plus other payments coming in). At the time, I didn't realise the Wednesday payment to Next wouldn't show up.