Natwest saying money needs to be in account 4 days before payment due?!

YorkshireBoy

I don't think there will be a problem.

Assuming you're paid by BACS Direct Credit, then your wages will be showing in your account Friday night/Saturday morning and will offset the DDs earmarked (but not yet taken) for payment on Tuesday 31st.

Panic over?

YorkshireBoy

rileydog wrote: »

I've never had a problem in the 7 years or so I've been paid on the last day of every month and had DD's coming out the same day.

Lots of people had never had a problem until the BACS system crashed a few years ago (you were obviously not one of them).

I'd never had a problem until my last employer hit some cashflow problems and paid the salaries a whole two weeks late.

It happens...moving your DDs/SOs back will ensure it never happens to you!

stclair

rileydog wrote: »

My wages are always paid early if payday falls on a weekend day or bank holiday - it's the last working day of each month. I've never had a problem in the 7 years or so I've been paid on the last day of every month and had DD's coming out the same day.

As above I have never had the need for an overdraft as I have savings to fall back on if needed. I just feel miffed that Natwest expect me to put the money in there four days early as it's not due out on a weekend or bank hol but a regular working day!

After 18.30 in the evening Natests systems ticks over to the next working day so for example on Friday it will tick over to think its Tuesday being a bank holiday.

rileydog

stclair wrote: »

After 18.30 in the evening Natests systems ticks over to the next working day so for example on Friday it will tick over to think its Tuesday being a bank holiday.

Thanks for the explanation StClair, that makes complete sense as to why they are saying funds must be in there on Friday for Tuesday payments. Still doesn't make it right in my opinion though

stclair

rileydog wrote: »

Thanks for the explanation StClair, that makes complete sense as to why they are saying funds must be in there on Friday for Tuesday payments. Still doesn't make it right in my opinion though

This happens every weekend its not a one off

So just to recap you dont need the money in your account until before 14.30 on Tuesday to aviod being charged.

I always think its funny how no one moans when a credit goes into there account on a Saturday ready for Monday lol

rileydog

stclair wrote: »

So just to recap you dont need the money in your account until before 14.30 on Tuesday to aviod being charged.

The message said that funds would have to be in the account by 15:30 on Friday for items due to come out on Tuesday though (see below) is that not right then?

"If a standing order or direct debit is due out of your account over the forthcoming Bank Holiday weekend (Saturday, Sunday, Monday or Tuesday), sufficient cleared funds will need to be in your account by 3.30pm Friday."

stclair

rileydog wrote: »

The message said that funds would have to be in the account by 15:30 on Friday for items due to come out on Tuesday though (see below) is that not right then?

"If a standing order or direct debit is due out of your account over the forthcoming Bank Holiday weekend (Saturday, Sunday, Monday or Tuesday), sufficient cleared funds will need to be in your account by 3.30pm Friday."

There just telling you that to ensure that people put money into there account in time. I can assure you it will need to be in your account until 14.30 on Tuesday. Being seeing as your due to be paid on 31/05/11 that will credit your account saturday so youll be fine.

rb10

stclair wrote: »

There just telling you that to ensure that people put money into there account in time. I can assure you it will need to be in your account until 14.30 on Tuesday. Being seeing as your due to be paid on 31/05/11 that will credit your account saturday so youll be fine.

But Natwest's definition of 'in time' seems to be different to yours.

Natwest say that the money has to be there by 15.30 on Friday.
You say that it can get there by 15.30 on Tuesday and still be ok.

Why are they saying Friday then, if this is wrong?

stclair

rb10 wrote: »

But Natwest's definition of 'in time' seems to be different to yours.

Natwest say that the money has to be there by 15.30 on Friday.
You say that it can get there by 15.30 on Tuesday and still be ok.

Why are they saying Friday then, if this is wrong?

Its just to keep everyone on there toes ;-)

As a rule if a payments debits the account on Saturday it will be dated for Monday therefore the customer will have until 14.30 on Monday to pay cleared funds into there account to ensure the items are paid this has always been the process in my 7 years of working for RBS and possibly before.

Give them a call on 02380 226443 press option 2 then 4 and someone will be able to confirm it for you.

zppp

The position is very simple for payments with Natwest/RBS.

Cleared funds need to be available the working day before an item is due to debit your account. This is stated in their terms and conditions.

If you don't have funds in the working day before the payment, you can try and cover same day by 14:30 with cleared funds. They try and pay as many items as possible, but this is not a guaranteed service and payments can still be returned. (This is a discretionary window)