Nat West taking money out early

muckybutt

Both myself and the Mrs are with Nat West, what we have noticed on quite a few occasions now is that they are taking direct debits out of our account early.

Today for instance weve noticed that a direct debit due on Monday has been taken out today, can they do that ?

balmk

Many banks will require you to have cleared funds in your account the day before a direct debit is due as their system calls it in 1 day before to ensure that the dd is paid on time. Would be worth giving them a call to clarify their position (I checked their website for you, but it isn't much help).

jen245

Check the date, it will be dated Mondays date. All credits and debits due to be applied to your account on a Monday, will show on Saturday, but with Mondays date.

ironlady2022

I think people misunderstand DDs. DDs are set up by the company and is never a 'set date' It will always state on or around x date of the month. The bank has no control and dates vary month on month. Some DDs will go out same time every month but unlike standing orders, if it falls on a weekend/bank holiday then it will come out Monday, DDs on the other hand can be recalled early and this is where it catches most people out.

I always suggest a bills account separate from all spending so you're not threating whether you have enough in on that particular date. It seems the bank has taken money early but you it's not their fault you need to speak to the company in question.

System

Natwest, many moons ago, used to have a budget account. We had one and it was very good for bills. It was effectively a standard account but had a free overdraft equivalent to your monthly payment in from your standard account.

It is now a standard account but they still allow it to run the same as the old budget account.

chambta

Within RBS group Friday at midnight ticks over to Monday for all 'recorded items' which are cheques, direct debits, standing orders and BACs credits.

Similarly if you had a payment coming in Monday you would be able to withdraw from Saturday.

coolesticeking

Yup, you get any Credits that are due on Monday on a Friday but at the same time any Debits are also taken on Saturday dated for the Monday..

It does say in the T&C's and in the stuff you get when you open the account that you should ensure that the funds are in the account the day before this is due out and any payments due for a Monday the money should be in the account by the close of business on Friday.

Could be wrong with this as I don't know any others that do this (feel free to prove me wrong though!) but Lloyds TSB will allow you to pay in I think till around 3 PM to avoid any charges for any payments due on that day.

chambta

Generally speaking you can pay in cash on the day to cover items with Natwest and RBS though obviously it's not encouraged.

stclair

chambta wrote: »

Generally speaking you can pay in cash on the day to cover items with Natwest and RBS though obviously it's not encouraged.

Personally I would say it was encouraged by the bank that was the purpose of introducing act now alerts:

http://www.natwest.com/global/act-now-alerts.ashx

http://www.rbs.co.uk/global/act-now-alerts.ashx

chexum

chambta wrote: »

Within RBS group Friday at midnight ticks over to Monday for all 'recorded items' which are cheques, direct debits, standing orders and BACs credits.

Similarly if you had a payment coming in Monday you would be able to withdraw from Saturday.

I look forward for the confusion around the Royal Wedding weekend...

"My DD wasn't due until the 1st (Sun), and they have taken it on the 29th! (Fri) What do you mean, it's only applied on the 3rd (Tue)...?"

[Deleted User]

typically taken earlier as most banks do
advantage - credits come in early