Banking charges applied on non-banking days.

Hopkino

I am confused, and hope that someone can help.
If I transfer money from one account to another it takes a prescribed length of time. If this period of time falls over the course of a weekend or bank holiday, they dont count.

How can charges (for example £5.00 per day for being over approved averdraft) be applied for days not included as banking days (in the example as given above)?

Like a lot of people, I have been one of the fortunate enough to have been able to reclaim before the decision of fairness rule was made. I am strongly of the view that the banking industry operate to their own rules, and the british law is not brave enough to challenge for fear of collapsing the banking industry........:rotfl:

agrinnall

It'll be in the T&Cs that you agreed to when you opened the account. If you don't like it you can:

a) Live within your means and not go into your overdraft, thereby avoiding the problem completely
b) Change banks to one that does everything that you want (good luck with that)
c) Lobby your MP for a change in the law
d) Come on here hoping for sympathy

antrobus

Hopkino wrote: »

... How can charges (for example £5.00 per day for being over approved averdraft) be applied for days not included as banking days (in the example as given above)?...

Interest is also applied for "days not included as banking days" as well; irrespective of whether it is debit or credit interest as it happens. How can this happen? Because that's what it says in the contract agreed between the bank and its customer I expect.

bbfc

Hopkino wrote: »

I am confused, and hope that someone can help.
If I transfer money from one account to another it takes a prescribed length of time. If this period of time falls over the course of a weekend or bank holiday, they dont count.

How can charges (for example £5.00 per day for being over approved averdraft) be applied for days not included as banking days (in the example as given above)?

Like a lot of people, I have been one of the fortunate enough to have been able to reclaim before the decision of fairness rule was made. I am strongly of the view that the banking industry operate to their own rules, and the british law is not brave enough to challenge for fear of collapsing the banking industry........:rotfl:

Does this still happen with the faster payments service being available at most banks?

As far as overdraft charges - you can still access your money on non-banking days and can still go overdrawn on these days, so why would that make a difference? You go overdrawn you get charged for it, simple as.