DD taken already for 2nd April

debrag

Right so 2 DDs have been taken from my account but the date on them is 2nd April. This now means I am OD on an account that can't go OD. I'll be charged for this won't I?

stclair

If you bank with Rbs or Natwest providing you pay cleared funds into your account by 2.30pm on Monday you won't be charged.

jamespir

i have had stuff that should be taken out on tuesday taken out its stupid
Monday isnt a bank holiday so why so soon its also wiped the money i had paid in today

YorkshireBoy

The DDs haven't been "taken" yet. The funds have been 'earmarked', which has only affected your 'available balance'...not your 'balance'.

This means you'll still be earning interest (if applicable), or not paying debit interest (if applicable), until Monday 2nd.

Many (most?) banks say you have to have cleared funds in the account at close of business on the previous working day to meet outgoing payments such as SOs and DDs. This is because they don't guarantee which order they process (in your case) Monday's transactions.

So you will be overdrawn on Monday. Whether you're charged will depend on your bank's policy on this matter.

How and when did you intend to deposit funds to cover Monday's DDs? And who do you bank with?

debrag

this account is natwest, I transfered money back into the account to cover them

CG19a

My Natwest account has operated like this for the 11 years I've had it. The benefits are that if you are due a payment into your account on a Monday, it is available on the Saturday.

pqrdef

debrag wrote: »

Right so 2 DDs have been taken from my account but the date on them is 2nd April.

This happens every weekend to all DDs that are due on the Monday. That's because Saturday and Sunday aren't banking days.

The funds are supposed to be in place by close of business on Friday, because overnight processing of Monday payments starts the previous evening, which in banking terms is Friday evening.

If you're expecting funds to arrive the day after Friday, they may not show up until early Monday morning but that'll probably cover the DDs.

stclair

It works both ways with credits if your due a credit on a Monday it will be available to withdraw on the Saturday dated for Monday.

cleggie

I have had the same thing, but it was expected as i am aware that it gets taken out on a Sat for a Mon.
Stclair- when you said "If you bank with Rbs or Natwest providing you pay cleared funds into your account by 2.30pm on Monday you won't be charged. " is this for the basic natwest account too?

MusicalLawyer

It is for the basic account too - NatWest usually send me a text alert when I'm overdrawn, or going to be overdrawn. They usually send it at around 8am / 9am in the morning and I have until 2:30pm to deposit money in to the account. It's pretty useful. You can sign up via your online banking account if you use online banking with NatWest.

cleggie

Thanks ML. i do have OLB and am set up for text alerts, so i should expect one saying i need to deposit money tomorrow morning then.

Thanks again,