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

theoriginalmilo

Hi Folks,

Just a note on this from a Nat West / RBS One Acccount customer. I struggle with my finances and am often surprised by my own direct debits. Up until today, I would regularly discover that I had a DD due and then immediately transfer the funds in to cover it. I would then phone through to highlight that the funds have cleared and as long as this was early enough, the bouncing team would honour the direct debit. They have again done so for me today.

However, I have now been told that they will no longer do this for me. It is not a standard service and is very much discretionary. It seems that they have decided to take a hard line with me on this point, as I was doing this so often, and the two minutes it takes to reverse the decision is apparently too much for them now.

Also, this idea that they will automatically honour payments as long as the money clears by 14:30 is untrue. It is more likely that they will reverse their bouncing decision if the funds clear by then, but at least for the Nat West One account, you must phone them to ask this favour. And as I discovered, they are not obliged to do this for you.

My advice is, do not depend on their good will. Follow their rules and have the money in that account by the working day before - or move accounts to a bank that will provide this simple courtesey. I know that Lloyds TSB do, I have seen the adverts for it. They will text you a warning

jen245

Or even better, keep enough money in your account to cover your dd's, simples

jamesd

Normally I'd suggest having an overdraft facility in place that's big enough to cover the payment. Then you just have to get the money into the account before 6:30PM to avoid paying overdraft interest.

But for a One Account I'm surprised you have an issue at all, I thought that was a single account operated as a large overdraft facility.

pmduk

theoriginalmilo wrote: »

Hi Folks,

Just a note on this from a Nat West / RBS One Acccount customer. I struggle with my finances and am often surprised by my own direct debits.

Why not just keep a diary and make a routine check, say, weekly of what is due to be paid?

chambta

theoriginalmilo wrote: »

Hi Folks,

Just a note on this from a Nat West / RBS One Acccount customer. I struggle with my finances and am often surprised by my own direct debits. Up until today, I would regularly discover that I had a DD due and then immediately transfer the funds in to cover it. I would then phone through to highlight that the funds have cleared and as long as this was early enough, the bouncing team would honour the direct debit. They have again done so for me today.

However, I have now been told that they will no longer do this for me. It is not a standard service and is very much discretionary. It seems that they have decided to take a hard line with me on this point, as I was doing this so often, and the two minutes it takes to reverse the decision is apparently too much for them now.

Also, this idea that they will automatically honour payments as long as the money clears by 14:30 is untrue. It is more likely that they will reverse their bouncing decision if the funds clear by then, but at least for the Nat West One account, you must phone them to ask this favour. And as I discovered, they are not obliged to do this for you.

My advice is, do not depend on their good will. Follow their rules and have the money in that account by the working day before - or move accounts to a bank that will provide this simple courtesey. I know that Lloyds TSB do, I have seen the adverts for it. They will text you a warning

So will Natwest/RBS if you activate text alerts.

just_about

stclair wrote: »

I wouldnt call it a discretionary window as the items are always paid providing there are cleared funds in the account by 14.30. That has always been lendings way of being able to help the customer in need.

Also that was the idea of the group introducing act now alerts not long back on the notification it advises the customer they need to pay in before a certain time.

Can any one please confirm if this is the case for cheques with Natwest as well or is it just the direct debits ??

just_about

Twister84 wrote: »

I believe with some banks you have to have the money in your account the working day before the payment is due!


With Natwest/RBS 14:30 pm is when the auto sweep happens - pay in before this time, and funds are guaranteed to be paid - after this time, you're pushing it

The other sweep is at 2:30 am - this is when credits will go in, and regular payments go out.

Also is this true for cheques or again just direct debits with Natwest ?

stclair

just_about wrote: »

Also is this true for cheques or again just direct debits with Natwest ?

Yes the same applies to cheques to, however you should never write a cheque knowing there is no funds in your account.