Direct debit foes the same day I get paid

SuperHan

Westie983 wrote: »

This would only be the case if you have a OD, if you dont have a OD, then the payment will either fail or go through and yes, by the time the credits hit the account no charges, but if there is no OD, then the payment may not go through...

hence why payments into the account before the DD is due will make sure they dont fail or applied charges if funds are not credited by 3:30

I have breached my OD significantly in doing this. I have £500 OD, but I hadn't transferred my credit card savings to pay off the DD coming out for nearly £3k. The payment went out, I got a text to say I had payments due that were more than my available funds, I put the money in before 10am, and there were no fees to pay and the DD was paid without issue.

But, I would still advising having the money in the day before - I know I won't be making the same mistake again in a hurry.

stclair

Westie983 wrote: »

This would only be the case if you have a OD, if you dont have a OD, then the payment will either fail or go through and yes, by the time the credits hit the account no charges, but if there is no OD, then the payment may not go through...

hence why payments into the account before the DD is due will make sure they dont fail or applied charges if funds are not credited by 3:30

I personally dont have an overdraft and im never charged.

It would be unfair of the bank to treat customers differently regardless of if they had an overdraft or not which does against the TCF (Treating Customer Fairly) policy.

The principal is the bank will wait until the afternoon and retry the payment before finalising the transaction. This will allow time for the money to clear in there account and the outgoing payment to be made.