Halifax have taken out my SO amounts early

Hazzinho

This seems wrong to me as my available credit including my £300 overdraft is now £190, it would be £390 as I was £90 in credit beforehand, I'm not buying anything today and get paid on Monday by which time it'll correct itself as the dates on the SO are 20th. This means if I needed to spend my available £390 for some reason I'd be stuffed. Is this common practice as I've never noticed this before.

clueless1682

AFAIK s/o's will just leave the account, they won't show as pending to leave, I've certainly never seen this on my account. Usually if there's a difference between your balance and your available amount its either pending card payments for a cheque that's waiting to clear.
I'd suggest a call to them to clear it up, doesn't sound right to me.

YorkshireBoy

clueless1682 wrote: »

I'd suggest a call to them to clear it up, doesn't sound right to me.

It's perfectly correct.

Hazzinho wrote:

This means if I needed to spend my available £390 for some reason I'd be stuffed.

The reason they've "earmarked" the funds is that you'll not be able to replenish them before Monday because you need cleared funds in the account the working day before they're due to be paid.

On the bright side, you're not paying interest, or accruing £1 a day fees, on the £110 overdraft you 'appear' to be using over the weekend.

c0c0nuts

In the 2 banking establishments I have worked, both 'forward post' transactions that are due on either Sat, Sun or Monday after midnight on the Friday.
This applies for both incomings and outgoings, and they would allow you to pay in on Monday up to say 2.30 or 3pm to cover these items without incurring charges.
Can't be specific about Halifax as I don't know what their procedures are, but you should be able to see their current account t's and c's on their website which usually detail this.

Hazzinho

Thanks for the replies. wasn't a huge issue but didnt seem right. what you say makes sense as they're no going to know my wage will go in on monday.

YorkshireBoy

Hazzinho wrote: »

they're no going to know my wage will go in on monday.

They will if they're coming by BACS Direct Credit, just like they'll know of any direct debits being called on Monday.

mtkdaly

Hi, not sure if this is the correct place to post this

I have just checked my Halifax bank account online and noticed that somebody deposited £2,150 on Friday.

does anybody know if the money will be rectified and automatically taken from my account? or will i be contacted by the bank and requested to pay the money back?

any advice will be appreciated

YorkshireBoy

mtkdaly wrote: »

does anybody know if the money will be rectified and automatically taken from my account? or will i be contacted by the bank and requested to pay the money back?

If Halifax themselves have made an error they will most probably rectify it by removing the funds without consulting you beforehand.

If the money has come in error from a private individual, or company/other bank, then the third party will write to your bank asking them to ask you to release the funds back*.

Do not spend the money! I wouldn't even move it out of the account and into a savings account (no doubt you'll get many suggestions to do so in any replies you'll get here)


* Which is what happened to me when I was in exactly the same position as yourself a couple of years ago, except my 'windfall' was considerably larger.

backinbusiness

Re the original post. This is pretty standard with the Halifax and indeed most banks.

I have a SO from my main account to my weekly spend account.

When the SO was set for Mondays, the money was usually transferred on the Sunday, so altered the SO to Tuesdays, and now it's in on the Monday morning.

Sorted.

BiB