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moving money about between current account and savings account?
jenny2009
Posts: 149 Forumite
Ok, I'm finally convinced that my OH is going off his head.
We have 7 DDs all coming out at different times of the month and 6 pensions all going in at different times of the month.
It is a joint account.
More money goes in than comes out.
Normally at the end of the statement month any money left over is transferred by me or OH to the savings account and the whole process starts all over again.
That's what normal people do isn't it?
What has OH decided to do?
look at the account every day and if there is a surplus transfer it to the savings account. even if a direct debit is due in a couple of days leaving a balance of 1p.
Then on the day the direct debit is due he transfers enough money back so when the direct debit is paid it leaves a balance of 1p.
He is doing this for every direct debit so that the only time there is a balance of more than 1p is the day money goes in or money goes out.
I can no longer use the current account to withdraw money if I am shopping, I have to buy everything on a cashback credit card and if I do need cash I have to phone home so he can transfer money for me.
Or I can with draw it from the savings account.
Do other people behave like this or should I make him see a doctor?
He has only started doing this since he retired.
We have 7 DDs all coming out at different times of the month and 6 pensions all going in at different times of the month.
It is a joint account.
More money goes in than comes out.
Normally at the end of the statement month any money left over is transferred by me or OH to the savings account and the whole process starts all over again.
That's what normal people do isn't it?
What has OH decided to do?
look at the account every day and if there is a surplus transfer it to the savings account. even if a direct debit is due in a couple of days leaving a balance of 1p.
Then on the day the direct debit is due he transfers enough money back so when the direct debit is paid it leaves a balance of 1p.
He is doing this for every direct debit so that the only time there is a balance of more than 1p is the day money goes in or money goes out.
I can no longer use the current account to withdraw money if I am shopping, I have to buy everything on a cashback credit card and if I do need cash I have to phone home so he can transfer money for me.
Or I can with draw it from the savings account.
Do other people behave like this or should I make him see a doctor?
He has only started doing this since he retired.
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Comments
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He needs to get a hobby!
Until then, if he has so much time on his hands give him a calculator and ask him to work out how much extra interest he's earning each month in the savings account.0 -
I think he'll soon see the error of his ways when he starts getting charges for bounced dd's!!Debt free and staying that way! :beer:0
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He needs to get a hobby!
I agreegive him a calculator
he pours over an excel spreadsheet for hours at a time, that is his hobby.
How do you work out how much interest you get on an account where the balance varies from day to day?0 -
I think he'll soon see the error of his ways when he starts getting charges for bounced dd's!!
As long as the money is in the account the same day as the DD is taken there are no charges.0 -
Is that because there's an overdraft facility on the account?As long as the money is in the account the same day as the DD is taken there are no charges.
Or because the savings are with the same bank and you have until 3.30pm, for example, to get the cash in there to cover the DDs?0 -
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As long as the money is in the account the same day as the DD is taken there are no charges.
I think this may depend on who you bank with - off the top of my head, Nat West for one say that the money needs to be there at midnight on the start of the day that the DD is due to go out - so unless you're prepared to stay up until midnight to transfer money in, you really need to have it in place the day before. Transferring it over during the same banking day isn't sufficient.0 -
Is that because there's an overdraft facility on the account?
No, same bank, also, we never use an overdraft.
Using an overdraft would be the same as no overdraft, you still need money in the bank. 1p or minus £999.99 is still the same 1p.0 -
I must make it clear he is doing this already and has never paid any fees or penalties for doing this.
I just wondered if others did this or is he going bonkers:rotfl:.0 -
I think you misunderstand me.Using an overdraft would be the same as no overdraft
With some banks you can be overdrawn (for a split-second!) if they action debits before credits, and this will trigger fees (paid or unpaid). With an overdraft facility you borrow that money to cover the outgoing payment(s) for that split-second, hence avoiding the fees.
I suspect your partner would soon change his ways if you banked with Santander!
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