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Bank Charges put on at end of the day!
mae123
Posts: 5 Forumite
Im so angry I checked my account yesterday lunch time to check I hadn't gone over my overdraft and it was ok then I have just logged in today and I am now £85 over my overdraft. I would have gone to the bank and put some money in yesterday had this have come up as being taken out of my account but it didnt! I cannot get to the bank until Tuesday now so I will be over my overdraft until then and Im presuming they will charge for this again! Why do they process all other payments for that day in the mornings yet leave their charges to add on at the end of business that day??
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They told you what day they would apply the charges a few weeks ago.0
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Why do they not take them out the same time as the other payments that come out on that day though?0
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Not to make you angry.Why do they process all other payments for that day in the mornings yet leave their charges to add on at the end of business that day??
They tell you well in advance that they are going to make a charge and when they will do it.
Take control of your finances and don't give them the pleasure of charging you.0 -
After my husband passed away suddenly it was hard to "take control of finances" when unable to physically carry on the business we ran together and look after a young child who had just lost his dad! I unfortunately got into debt after this but have just secured another part time job and will now be working 44 hours a week to start clawing my way back out.0
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Sorry to hear about your loss but you cannot expect that the bank knows about your personal circumstances. If you need help with your finances, you need to tell the bank - they might extend an overdraft to you, or offer you a loan to deal with temporary difficulties.
However, I must say you argument is a bit shallow. If you have time to check your account, you have time to check your statement. It's your fault you didn't, nobody else's.
If this was your first time you got loaded with charges, you might get the bank to waive them if you grovel and apologise.0 -
Sorry to hear this.
What bank are you with? Nationwide will refund the charges for a "first offence." Others may too, especially if informed of the mitigating circumstances. If they won't accept that, you could always threaten to switch banks. They might prefer to relent than lose you as a customer, especially if you've been profitable for them in the past.
I don't know why, but all banks seem to apply charges at the end of the day. I agree it should be stated somewhere though - if they took fees at the start of the day that was notified, it would give the person a chance to credit the account before the day's cut off in the event that they forgot the fees would be taken that day (most allow you to correct a mistake by 3pm or something and it not be marked as being overdrawn.) The way it's done, it puts it in the banks' favour so that people are more likely to go overdrawn.
Do you have online banking for another account or know anyone that does who would be willing to lend you the money to get your account out of the red until you can get to the bank? You can make a transfer using your account number and sort code without having to go to the bank. This will minimise any charges and you can then work on getting the rest refunded.0 -
seems an odd thing to do if what you actually want is a favour.If they won't accept that, you could always threaten to switch banks.
you do have until the daily cut-off already.I don't know why, but all banks seem to apply charges at the end of the day. if they took fees at the start of the day that was notified, it would give the person a chance to credit the account before the day's cut off in the event that they forgot the fees
it is stated 'somewhere' - on the statement, to be precise, some 20-odd days before the charges get actually taken.I agree it should be stated somewhere though
that's just ridiculous. The banks tell you 20 or so days before the charges are due. How is that not enough time to sort out the funds? Why don't people just assume responsibility for their own money instead of looking for someone else to blame?The way it's done, it puts it in the banks' favour so that people are more likely to go overdrawn.
Despite of her tragic personal circumstances, the OP did remember to "check her account" but she obviously never checked her statement in over a month. As suggested, she could ask whether they refund the charges if this was a first offence but it was still a problem of her own making and not some trick by her bank.0 -
seems an odd thing to do if what you actually want is a favour.
you do have until the daily cut-off already.
it is stated 'somewhere' - on the statement, to be precise, some 20-odd days before the charges get actually taken.
that's just ridiculous. The banks tell you 20 or so days before the charges are due. How is that not enough time to sort out the funds? Why don't people just assume responsibility for their own money instead of looking for someone else to blame?
Despite of her tragic personal circumstances, the OP did remember to "check her account" but she obviously never checked her statement in over a month. As suggested, she could ask whether they refund the charges if this was a first offence but it was still a problem of her own making and not some trick by her bank.
If they took the fees at the start of the given day, the customer would have until the daily cut off to notice if they'd forgotten and rectify it (which the OP would have done.) With fees taken at the end of the day, you only have until the cut off if you remember the date given. If you forget, the cut off has gone before the fees are taken.
BACS and DD payments seem to go at midnight so I think it's a reasonable assumption to think that bank charges are the same. The only way to know otherwise unless I'm mistaken is to have incurred fees before and checked online banking throughout the day to see that they weren't taken until the end.
Banks tell you the date in advance, but I've never seen them say that it wouldn't be until the end of the day.0 -
Your argument is very weak!If they took the fees at the start of the given day, the customer would have until the daily cut off to notice if they'd forgotten and rectify it (which the OP would have done.) With fees taken at the end of the day, you only have until the cut off if you remember the date given. If you forget, the cut off has gone before the fees are taken.
BACS and DD payments seem to go at midnight so I think it's a reasonable assumption to think that bank charges are the same. The only way to know otherwise unless I'm mistaken is to have incurred fees before and checked online banking throughout the day to see that they weren't taken until the end.
Banks tell you the date in advance, but I've never seen them say that it wouldn't be until the end of the day.
The T&Cs of most (all?) current accounts, despite the new, say, 3:30 cut-off introduction, state that cleared funds must be in the account the working day before scheduled outgoing payments. A bank charge is one such scheduled outgoing payment.
It's absolutely reasonable for the bank to assume that, having given you 22, 28, or whatever days notice, you'll take steps* to ensure you have things in hand...isn't it?
When will people take some personal responsibility!?
*
Schedule a payment from elsewhere (future dated FP).
Artificially/virtually lift your £0 point by the amount of the charge for the next x days/weeks, thereby allowing for the charge now.
Write in a diary.
Mark on a year planner.
Enter a reminder in Outlook.
Tie a knot in a hankerchief.
Ask a grown-up to remind you nearer the date.0 -
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