Unarranged Overdraft

carrielovesfanta

Hi all,

I'm just wondering if anyone has been in this situation and how they proceeded.

My branch of NW opens until 8pm on weekdays and I went in at 18.25 to make a transaction.

I keep a good eye on my account so I knew that the money in the account was £15.84.

I paid in £20 in cash, then transferred (no fees) the cash to another account. That evening, £7.40 for a debit card payment also came out of my account.

However on sat I got a letter saying that I'd gone into an unarranged overdraft. When I went to the bank, the woman printed the mini statement out and it showed the £20 and the £7.40 coming out of my account, but the £20 not going in until the next day (but it had deposited on previous day on it)

The question that she couldn't answer though, was will I get charged? She said that she couldn't tell me and I'd have to wait for my statement.

I don't see why I should pay a charge or get an unarraged overdraft letter when the bank has added things up in the wrong order!! :cool:

Has anyone else had this? Did they get charged?

Thanks!

ironlady2022

Each bank will have a cut off time for dealing with transactions even though they open til late. For example my coop bank opens til 5pm but all transactions put through after 4.30pm does not show til the following day. This allows the cashiers to balance and count cash early. So you would have been overdrawn on the Friday for one day.

carrielovesfanta

In that case, why didn't the transfer of the £20 go through the next day too?

Also, I understand that banks aren't there to help you, but it might have been nice if the woman had told me that the £20 wouldn't go in when I put the money in! (I didn't use a fast deposit machine, I spoke directly to the cashier)

Dr_Cuckoo3

carrielovesfanta wrote: »

In that case, why didn't the transfer of the £20 go through the next day too?

I suspect that the cut off time for transfers out of the account is later than the cut off point for paying in at a branch

carrielovesfanta

Dr_Cuckoo3 wrote: »

I suspect that the cut off time for transfers out of the account is later than the cut off point for paying in at a branch

which seems very unfair. :mad:

I just feel annoyed that as far as I was concerned, I'd done everything right, but the bank picks and chooses which items to apply in what order.:(

stclair

If you have any issues call 02380 226443 press option 2 and someone will be able to assist you.

Just so you know for future reference at 6.00pm the system ticks over until the next day so if you paid in at 6.25pm you will have missed the cut off point.

carrielovesfanta

thanks for the number, I will try giving them a call

carrielovesfanta

Just to update, I did call them, and yes the cut off time for cash deposit credits is 6pm. Pity the time for transfers doesn't seem to have a cut off (or at least a different one!)

I said that I thought it was unfair that i hadn't been told this in the branch and that as I had given them the money before it was spent, as far as I was concerned, I shouldn't be charged.

They did the whole "one-off you know!" spiel, but I got my £6 charge taken off. (Interesting that you get charged for each time they reach end of day with you being overdrawn, but cash deposit end-of-day is earlier than any other end-of-day)

I still can't find any info on NatWest's website about cut off times (doesn't mean it's not there though) [edit: it says cash deposited before 3.30pm should be available the same working day - don't see what that has to do with 6pm!] . I think that if more branches are open late, it would be helpful to display any such info at the cashier point.

Well a word of warning to all, learn from my mistake. The money's never in until you see it on the screen!

ironlady2022

I'm surprised they do not have it displayed on the counter. Thought it was pretty standard.