Urgent!!! Check direct debits usually taken on last working day of month

sars_22

Anyone (particularly with Santander who I bank with) should check their bank accounts today if they have Direct Debits usually taken on the last working day of the month... As apparently the computer systems DO NOT recognise leap years!!!

I get paid on the last working day of every month which will be 29th February this month (as we are in a leap year). I have a DD set up for my savings to go out on the last working day. I logged in my account earlier today to see Santander had taken the DD for my savings a day early and this had sent me overdrawn!

I've rung up to ask what's happened!!! I've been told Santander computer systems DO NOT recognise leap year!!! Which I find almost impossible to believe! They have returned the money and said I will not be charged any penalties! But I then have to ring up tomorrow if I want the money moving back into my savings when I've been paid. So all sorted for me - although a lot of hassle!!!

But everyone else should check their accounts!!!

InsideInsurance

Never heard of a DD being able to be set up for "the last working day of the month".

advantix

Didn't think you could set up a DD for "last working day". Infact, i can only set up a DD for a date between 1st and 28th of the month for my customers of where i work.

Gromitt

Barclays allowed this last time I checked, but I'd never have any payments coming out on the day I get paid just in case theres a problem. I always schedule them for at least a week later.

sars_22

They do!

My employers pay me on the last working day of the month and the bank DD into my savings on the same last working day. Some months it's 31st, others it's 30th or 29th and so on...

kay126

DDs can be set for last day of the month, i work for a bank so know this, most companies specify that they can only be between 1st and 28th so they occur on same date of each month, a lot of savings banks however set up monthly savings plans for last day of the month

anamenottaken

sars_22 wrote: »

Anyone (particularly with Santander who I bank with) should check their bank accounts today if they have Direct Debits usually taken on the last working day of the month... As apparently the computer systems DO NOT recognise leap years!!!

I get paid on the last working day of every month which will be 29th February this month (as we are in a leap year). I have a DD set up for my savings to go out on the last working day. I logged in my account earlier today to see Santander had taken the DD for my savings a day early and this had sent me overdrawn!

I've rung up to ask what's happened!!! I've been told Santander computer systems DO NOT recognise leap year!!! Which I find almost impossible to believe! They have returned the money and said I will not be charged any penalties! But I then have to ring up tomorrow if I want the money moving back into my savings when I've been paid. So all sorted for me - although a lot of hassle!!!

But everyone else should check their accounts!!!

This arrangement (DD coming out the same day as payment is made in) could be a problem with some banks which require cleared funds to be available by the close of the previous working day.

deeleybopper

why not just set them to come out on the first, like I do?

iblametheparents

sars_22 wrote: »

Anyone (particularly with Santander who I bank with) should check their bank accounts today if they have Direct Debits usually taken on the last working day of the month... As apparently the computer systems DO NOT recognise leap years!!!

I get paid on the last working day of every month which will be 29th February this month (as we are in a leap year). I have a DD set up for my savings to go out on the last working day. I logged in my account earlier today to see Santander had taken the DD for my savings a day early and this had sent me overdrawn!

I've rung up to ask what's happened!!! I've been told Santander computer systems DO NOT recognise leap year!!! Which I find almost impossible to believe! They have returned the money and said I will not be charged any penalties! But I then have to ring up tomorrow if I want the money moving back into my savings when I've been paid. So all sorted for me - although a lot of hassle!!!

But everyone else should check their accounts!!!

I'm sure it's a STANDING ORDER which is set up from you current accounts your savings, not a direct debit.

Direct debits are not setup with the bank for any particular day or date, they're variable mandates. The bank has no control over how much or how frequently payments come out, which is why they can't see future payments.

dobsoncrew

DD's can only be taken between the dates of 1st to the 28th of the month. This is as all months have at least 28 days in them, because of February obviously. Why have you set up a DD for a savings account, why not just set up a faster payment each month ? Unless you are with a certain union who can set them up on the 29th of each month, never got it.

Siobhan789

can i also just confirm as kay126 says, i also work for a bank and direct debit can be taken on the last day of the month ( not working day mind tho its the last day so say the 31st of march is saturday it would actually come on the 2nd april the monday. Direct debit and standing order dont come out earlier than they are set up for only on date or later.
With regards to a standing order however as far as i am aware it is between the 1st and 28th.
Each to their own but really like other people have said why set up money to come out on the day you get paid, why not the day saves any trouble if something goes wrong.