Direct debit take 3 days early help please

amazamum

Hi everyone,could I please have some advice.
We bank with the Yorkshire bank and on looking at my account this morning 3 direct debits that are all due to come out on the 3rd(monday) have all been taken out this morning,luckily enough there was money in the bank.
Why do they do this,I can understand if the dd was due out and the day falls on a weekend but the fact that it actually falls on a monday and that is a working day just annoys me:mad: .
Please does somebody know why this happens.
Thanks

CLAPTON

what date is shown against the DDs?

MPH80

Because the DDs would be taken at the start of the working day on Monday morning.

Ergo - Friday was the last banking day for you to be able to provide any credit - so by reserving the money now - they've ensured you can't withdraw the funds over the weekend and cause yourself problems.

You will find when Monday comes that the DDs are correctly dated for Monday.

M.

saxmund

I've had electronic withdrawals dated at weekends - even after the weekend has passed and the transaction has been properly resolved. With Abbey "reserved" money comes off the headline balance, but not the bank statement until the transaction actually goes through. For example, a payment I made online to my Abbey MBNA card on Wednesday evening was debited to my Abbey account dated 1 September, today.

Which begs the question - if they can debit my account at the weekend, and given everything is now computerised and should be able to work over the weekend, why can't clearing of credits take place during the weekend?

amazamum

DD's are all dated 3rd.
Thing is I could have wanted to transfer some money from one account to another on sunday night to cover the DD's as they were not due out until monday,so by taking them out on a saturday they could have caused me to go over drawn(luckily the money was there),If this had been the case could I have claimed my bank charges back.

I agree with you saxmaud why not class the weekend as a working day after all that is what they are doing by taking DD early
Thanks

fbs_4800

amazamum wrote: »

DD's are all dated 3rd.
Thing is I could have wanted to transfer some money from one account to another on sunday night to cover the DD's as they were not due out until monday,so by taking them out on a saturday they could have caused me to go over drawn(luckily the money was there),If this had been the case could I have claimed my bank charges back.

I agree with you saxmaud why not class the weekend as a working day after all that is what they are doing by taking DD early
Thanks

Natwest have done the same to me forever. Annoying. But I can see the point I guess.

fbs_4800

fbs_4800 wrote: »

Natwest have done the same to me forever. Annoying. But I can see the point I guess.

I better explain why it's annoying before someone slates me on here :P For example - I go to the cashpoint on Saturday night and find I have NO money. Not fair as I DO have money but they've earmarked it. I have other accounts with Natwest and can instantly transfer money between accounts - any day of the week online or by phonebanking. So really, it's up to me to make sure the money is there Monday morbning - if it's not they can charge me.

And I'll reclaim a-aaaaaaaaaall the charges at a later date. lol

amazamum

My point exactly fbs_4800,just transfer the money between different accounts,surely the bank shouldn't take it out before monday morning at the earliest,
Thanks

gt94sss2

As I have said about 3 times this week so far(!), most banks require cleared funds to be credited to your current account the working day before any payments are made.

Hence, according to their T&C you should have the money in your account to cover any payments being made on Monday by Friday afternoon - and thats basically what your bank is enforcing on your account.

The only big bank that I know operates differently is HSBC who will not charge you if you are 'in credit' at the end of a day, even if you have technically been overdrawn at some point that day as part of their 'Fairer Fees' policy which among other things, also says:

• You will not have to pay fees for being overdrawn by £10 or less.
• You will not have to pay more in fees than you are overdrawn by in your charging month, so a £15 overdraft will not cost you £50.
• You will not have to pay a fee for an informal overdraft request if your account is credited with covering funds by the end of the same day.

Also, transfers between HSBC accounts are instant, so you could have transfered the money on Sunday/Monday to your current account..

Regards
Sunil

saxmund

gt94sss2 wrote: »

As I have said about 3 times this week so far(!), most banks require cleared funds to be credited to your current account the working day before any payments are made.

But, gt94sss2...

the OP was complaining that the bank actually took the payment on a Saturday. If they can treat a Saturday as a working day for this purpose why can't they count it as a working day full stop? Dual standards.

If the banks want to stick to this crap about working days, they should not themselves take debits, charge interest, whatever, on a non-working day.

YorkshireBoy

saxmund wrote: »

...the OP was complaining that the bank actually took the payment on a Saturday.

They haven't taken the money though. They have simply reserved it to stop the OP spending what they could not replace in time for the DD payments going out on Monday.

If the OP cares to check their YB online banking, they will see that the transactions are dated 3/9/07 (even though they may have been due on 1/9/07 or 2/9/07).

Don't forget that it also works the other way. Any BACS direct credits due on Monday, or any cheques due to clear on Monday, will be affecting the YB available balance now. For example, I also bank with YB and the family allowance payment due to hit my account on Monday has been affecting my available balance since YB did their processing at 23:15 last Friday night.