Bank charges & interest taken out on a Saturday - is that right?

juliesokia

I think the rules must have changed recently and I haven't been paying enough attention.

Recently my bank charges and debit interest were taken out on a Saturday, resulting in my account being overdrawn for two calendar days (which will incur another set of charges!). As Saturday is not a banking day - are banks allowed to do this?

Yes, I do have 24 internet access to my account and could have transferred money into that account - if I had thought to worry about it - which I didn't.

NFH

Which bank did this?

I'm guessing that the value date of the transactions was Monday and that the booking date was Saturday. The value date is what matters for calculation of interest and charges. Although banks in most of Europe show both the booking date and the value date on statements, most British banks show only one, conventionally the value date, but it sounds as if your bank is showing only the booking date, which is less relevant and therefore not very helpful.

juliesokia

HSBC

Would I be right in understanding from your message, that the bank will not charge me for this??? I have only looked at the transaction on on-line banking.

NFH

juliesokia wrote: »

HSBC

Would I be right in understanding from your message, that the bank will not charge me for this??? I have only looked at the transaction on on-line banking.

You might find that the date in online banking and a formal statement (PDF or paper) vary. It sounds as if the former is showing booking date and the latter would normally show value date. If this is the case, then you shouldn't be charged more because the value date is the date used for interest and charge calculation. It might be worth asking them.

juliesokia

I will. Thanks for the advice.