Direct Debit Ring Fencing

Ben8282

This is all quite correct. Over the last bank holiday dd's due on Tuesday 1st September were taken from the account dated 1st September were debited on I think Saturday night.
This is a normal procedure.
You are not loosing credit interest as the date of the transaction is shown as 1st September.
Similarly if applicable you will not incur extra overdraft charges/fees as the transaction date is shown as 1st September.
I would also draw your attention to the following:
It is physically impossible to pay in any funds to the account on Sunday/Bank Holiday Monday. If you had been able to withdraw the cash as you wanted THE DIRECT DEBITS WOULD HAVE BEEN UNPAID.
There is nothing new about this. I first encountered it and queried it with LTSB back in the late 1990's!

Aitch_G

Yeah, I now see that, but she didn't offer the credit until the very last moment! Now at least I know there's an option if I get caught out again. Thanks:)

stclair

Aitch_G wrote: »

Yeah, I now see that, but she didn't offer the credit until the very last moment! Now at least I know there's an option if I get caught out again. Thanks:)

The question is if your account was not credited by the bank. Would you have had funds to pay into your account on Monday?

EarthBoy

stclair wrote: »

I think the OP is a customer of either RBS or NatWest.....This is changing soon though so any debits or credits due on Monday will actually happen on the Monday rather than the Saturday before as at present.

I believe that Barclays operates the same way as RBS/NatWest and treats weekends as the Monday. Does anybody know if they have any plans to change their system too?

Aitch_G

Ben8282 wrote: »

This is all quite correct. Over the last bank holiday dd's due on Tuesday 1st September were taken from the account dated 1st September were debited on I think Saturday night.
This is a normal procedure.
You are not loosing credit interest as the date of the transaction is shown as 1st September.
Similarly if applicable you will not incur extra overdraft charges/fees as the transaction date is shown as 1st September.
I would also draw your attention to the following:
It is physically impossible to pay in any funds to the account on Sunday/Bank Holiday Monday. If you had been able to withdraw the cash as you wanted THE DIRECT DEBITS WOULD HAVE BEEN UNPAID.
There is nothing new about this. I first encountered it and queried it with LTSB back in the late 1990's!

It perhaps is normal practice at the moment but it is being addressed implying that it is an issue for customers.

As I said before interest and charges aren't the issue.



And if I had wanted to physically deposit cash on the bank holiday Monday, RBS did have banks open up here.



And finally the DD would not go unpaid! RBS (and several other banks) have a policy now whereby as long as funds are in your account the same day (by 2.30pm in RBS case) it will be paid that day.
Please see-

fca.org.uk's news page and article 'FCA secures commitment from high street banks to use a ‘retry system’ '

Aitch_G

stclair wrote: »

The question is if your account was not credited by the bank. Would you have had funds to pay into your account on Monday?

Yes without a doubt lol, as will happen this Monday.
I may not be a banking extraordinaire but everything's as it should be, just things are a bit tight right now!

stclair

Ben8282 wrote: »

This is all quite correct. Over the last bank holiday dd's due on Tuesday 1st September were taken from the account dated 1st September were debited on I think Saturday night.
This is a normal procedure.
You are not loosing credit interest as the date of the transaction is shown as 1st September.
Similarly if applicable you will not incur extra overdraft charges/fees as the transaction date is shown as 1st September.
I would also draw your attention to the following:
It is physically impossible to pay in any funds to the account on Sunday/Bank Holiday Monday. If you had been able to withdraw the cash as you wanted THE DIRECT DEBITS WOULD HAVE BEEN UNPAID.
There is nothing new about this. I first encountered it and queried it with LTSB back in the late 1990's!

Some NatWest and RBS was open on Bank Holiday Monday. Also you had until 14.30 on the Tuesday to pay cleared funds into your account to cover any DD or Standing Order payments.

stclair

Aitch_G wrote: »

It perhaps is normal practice at the moment but it is being addressed implying that it is an issue for customers.

As I said before interest and charges aren't the issue.



And if I had wanted to physically deposit cash on the bank holiday Monday, RBS did have banks open up here.



And finally the DD would not go unpaid! RBS (and several other banks) have a policy now whereby as long as funds are in your account the same day (by 2.30pm in RBS case) it will be paid that day.
Please see-

fca.org.uk's news page and article 'FCA secures commitment from high street banks to use a ‘retry system’ '

NatWest and RBS have had this in place for years anyway before it was even introduced