Bank who don't process Monday debits over weekend??

Aeshna

TartanSaver wrote: »

Can you clarify this with an example? If I transfer money by FP into an account on a Friday night or Saturday morning, the money isn't due to be credited, it IS in my bank account. Genuinely cannot think of the circumstances where this would apply. If your work is due to pay you on a Monday, the money is surely not available on Saturday with Clydesdale? I know each of the banks has slightly different times for when these things are handled, but hours at most, not days.

From personal experience, the payment does show on a Saturday. This was the bank's comeback to me when I questioned the issue of payment going out early.

Aeshna

bengal-stripe wrote: »

Do you really want to access money on the weekend and have the DD bounce on Monday morning?

Even with banks that do not process Monday's transactions over the weekend, your DD will be processed (and possibly rejected) late Sunday night or in the early hours of Monday morning which will be several hours before you can put additional funds in, to balance your account.

As per my reply to previous poster, I am paid on a Sunday and my direct debit will not bounce. A lot of assumptions being made after a simple query! I understood with DD guarantee that provided funds were available by close of banking business, which is now 2.30pm I'm led to believe, then the debit will be honoured. How can they bounce it out with banking hours? Same stupid situation.

TartanSaver

Fair enough! I have never heard of an employer paying on Sunday, but I obviously live a sheltered life...

EarthBoy

Nationwide don't process Monday's transactions on the weekend either.

pmduk

Aeshna wrote: »

I understood with DD guarantee that provided funds were available by close of banking business, which is now 2.30pm I'm led to believe, then the debit will be honoured.

You should be aware that it is not the DD guarantee that prevents Direct Debits being dishonoured if funds are made available before a specified point during the day. Some banks, but not all, choose to offer this concession. It would be wise to be aware of this should you ever change banks.

TadleyBaggie

Mulligan1 wrote: »

Lloyds, Barclays and The Co-Op don't.

Have to disagree about Barclays. I went out on Friday night for a meal and paid via debit card. It showed up on Saturday via online banking as to be debited on Monday.

warby68

If the funds are not available before the direct debit is presented for payment which technically is first thing Monday you are relying on the 'goodwill' element of individual banking systems to give you a period of grace during the day to pay in to cover. Not ideal. That's why it showing Sat should not make a difference.The funds should be there by close of play Friday or be showing as an automated credit for Monday same as the DD.

You are not managing your money 'exactly' - you are actually paying in late.

Very difficult to rely on this as it will vary from Bank to Bank and also from time to time. Many many people do it but its not without risk and not really your 'right'.

If your budget is tight like this is may be better/more conveniet to ask the supplier to change that date of your direct debit slightly and allow you to get ahead with your paying in

robatwork

Aeshna wrote: »

As per my reply to previous poster, I am paid on a Sunday and my direct debit will not bounce. A lot of assumptions being made after a simple query!

Forums are all about questions, not just answers.
And people are genuinely interested in the way others' financial lives are structured.

For example, you get paid in cash on a Sunday. If you are ill and can't get to the bank on "Monday morning when it opens", then your DDs will bounce. A more judgmental person may suggest this isn't a tenable way of running your life and you aren't being completely open about this - indeed your explanation of being paid cash on a Sunday has the whiff of nonsense. Not me, you understand, just someone more suspicious.....

diamonds

robatwork wrote: »

Forums are all about questions, not just answers.
And people are genuinely interested in the way others' financial lives are structured.

For example, you get paid in cash on a Sunday. If you are ill and can't get to the bank on "Monday morning when it opens", then your DDs will bounce. A more judgmental person may suggest this isn't a tenable way of running your life and you aren't being completely open about this - indeed your explanation of being paid cash on a Sunday has the whiff of nonsense. Not me, you understand, just someone more suspicious.....

There was a time on MSE you would not have had to post that, MSE bucked the trend in such online behaviours.

Dobbibill

Be careful if you choose to move to another bank.

Some give you the option of funding the account up until 3.30pm on the day but this is not always to honour the DD payment, merely to avoid charges.