End of day balance

dicky73

What time do the banks class as end of day for the balance of the account? I ask this for the sake of interest payments. Thanks.

jonesMUFCforever

Pick any time between 5pm and midnight.
Each bank/building society will work to its own system.


Is it really that important?

ceredigion

this has come up on here before and the general consensis is don't even go there. There is a fair chance , you`ll end up without a bank account at all.

dicky73

I think the point has been missed here. I have a maximum amount in an account, and a dd has taken me below the maximum. This was around half six this evening when I noticed. I have now made it back up to the maximum amount for interest. There is nothing cloak and dagger about it. I just knew someone would have to be a prat.

YorkshireBoy

dicky73 wrote: »

I think the point has been missed here. I have a maximum amount in an account, and a dd has taken me below the maximum. This was around half six this evening when I noticed. I have now made it back up to the maximum amount for interest.

In addition to the aforementioned post about it depending on which bank, it also depends on how you initiate the transfer in, ie whether you do it in branch, over the phone, by internal transfer online, or by FP from an external account. As you can see, without the provider's name and type of account it's very difficult for anyone to advise.

There is nothing cloak and dagger about it. I just knew someone would have to be a prat.

It's not about being a "prat" at all. Indeed, the advice could have been very useful to you. The poster might have thought you were smart enough to have worked out the benefits of 'doubling up' and was expressing a view that it might be best avoided...especially on an account or accounts you wished to keep.

ceredigion

dicky73 wrote: »

. I just knew someone would have to be a prat.

I've been called far worse than that .
If you wanted to avoid the situation , you could always alter the DD mandate so it pulls its money on the same day , the interest is credited to your account or seeing as you must know this money disappears on the 18th , you could have always put in additional funds to cover it last night. Unless of course you`re trying to double up on a days interest. :eek:

Sparx

A DD placed you 'below the maximum' in your account?

Can you elaborate what this means?

YorkshireBoy

Sparx wrote: »

A DD placed you 'below the maximum' in your account?

Can you elaborate what this means?

eg Club Lloyds pays 4% AER on £4-5K, providing you pay at least two DDs that month. The DD in question caused OP's balance to fall below the £5K upper limit, potentially causing the loss of a penny or two interest.

Hominu

dicky73 wrote: »

I think the point has been missed here. I have a maximum amount in an account, and a dd has taken me below the maximum. This was around half six this evening when I noticed. I have now made it back up to the maximum amount for interest. There is nothing cloak and dagger about it. I just knew someone would have to be a prat.

If you had included that in your original post, it would have cleared a lot of things up and prevented some of the posts.

Anyway, if we are talking LBG then what you might find is that the DD was processed early this morning and you had until 3:30pm to fund the account, so you might be missing out on a bit of interest, but even if the DD was for about £5,000 you are only talking about a 54p loss (assuming 4% AER)

jonesMUFCforever

YorkshireBoy wrote: »

eg Club Lloyds pays 4% AER on £4-5K, providing you pay at least two DDs that month. The DD in question caused OP's balance to fall below the £5K upper limit, potentially causing the loss of a penny or two interest.

As much as that!

Archi_Bald

Hominu wrote: »

even if the DD was for about £5,000 you are only talking about a 54p loss (assuming 4% AER)

minus tax of at least 20%, so we are now down to a massive 44p loss if the DD was for £5,000.