If payday is due on monday will wages go in on a saturday? Important.

BrettMorganxD

I have direct debits going out on the 28th, which is my usual payday. Which means they will go out on friday the 25th. If my wages go in on monday it will mean I won't have money to pay all the direct debits on friday. Dad has said he could lend me some but I would rather avoid this.

Surely wages should go in on saturday for monday? if the bank takes bills for monday on a friday.

boo_star

It all depends on the bank, some show credits due on Monday on Saturday, some don't (I know for a fact RBS/Natwest do.)

That doesn't seem to be your biggest problem though, if the DD's come out on Friday then you'll either be unauthorised overdrawn or they'll bounce them (both incurring charges)

mountainofdebt

In my experience any DD due to go out on the monday is taken on the monday - tbh I don't understand why you would think they would be taken on the friday

What you may be getting confused with is that after the end of business on friday, it be that you can see all the dds that are due to leave your account the next working day (so in this case the monday) and the bank 'reserves' that money so effectively yes the money is not there for you to spend on saturday or sunday but doesn't actually leave your bank account until the monday.....by which time your salary has been credited to your account.

McKneff

Sorry, Im a bit confused

If pay day is Monday, why wont they go in on Monday

If DD's are due on 28th which is Monday, why do you think they will go out on Friday.

DDs Monday
Pay Monday

???

boo_star

I'm guessing the OP is with a bank that credits/debits their account for items due out on Monday, at the weekend.

But that said I still don't understand this, the banks that do this deal with forecast credits AND debits over the weekend, they don't process all the forecast debits and wait until Monday for the credits.

MissSarah1972

BrettMorganxD wrote: »

I have direct debits going out on the 28th, which is my usual payday. Which means they will go out on friday the 25th. If my wages go in on monday it will mean I won't have money to pay all the direct debits on friday. Dad has said he could lend me some but I would rather avoid this.

Surely wages should go in on saturday for monday? if the bank takes bills for monday on a friday.

No DD's can be taken before the date due so no they will not be 'taken' on Saturday.

boo_star

MissSarah1972 wrote: »

No DD's can be taken before the date due so no they will not be 'taken' on Saturday.

The bank may "reserve" the amount if its a forecast debit, but as I said, when they do they also process forecast credits.

MissSarah1972

boo_star wrote: »

The bank may "reserve" the amount if its a forecast debit, but as I said, when they do they also process forecast credits.

"reserve" or no "reserve" you will never be overdrawn as if you have £ going in on the same day you can't be unless the DD's are more!? If you were ever found to be over drawn then the money has been paid before the credits were applied meaning the company who applied for the DD have taken the money on the wrong date are in breach of the contract they have with you.

getmore4less

Having DD on the same day as payday is mad.

no room for errors.

boo_star

MissSarah1972 wrote: »

"reserve" or no "reserve" you will never be overdrawn as if you have £ going in on the same day you can't be unless the DD's are more!? If you were ever found to be over drawn then the money has been paid before the credits were applied meaning the company who applied for the DD have taken the money on the wrong date are in breach of the contract they have with you.

Technically banks clear debits before credits, so you shouldn't have DD's leaving your account the day that the money comes in.

Cleared funds the working day before

But you already know this don't you Miss Pedant?

kingfisherblue

Perhaps it is time to move the DDs to the first day of the month, and then the OP won't face this situation again.