Postdated transaction on statement

capehorn

According to my online statement, I am overdrawn because of a single payment. But the date of the payment is the 22nd October - two days from now.

So if I make up the shortfall between now and then, will I be charged?? It is a Lloyds TSB Classic Plus account.

(It is a transaction made in Australian dollars, so it requires a currency conversion, I don't know if that makes a difference)

Thanks

jonesMUFCforever

You are too late. (Things change from 2nd November when you can pay in before 3.30 to prevent an excess being charged).
The actual transaction will be debited on monday but as you have to have cleared funds in your account one working day before this you stand a chance of being charged.

Is this the first time you have gone O/D, Do you have a O/D facility?
Do you have Internet banking and a savings account with that bank to do an immediate transfer to your current account?

capehorn

ejones999 wrote: »

You are too late. (Things change from 2nd November when you can pay in before 3.30 to prevent an excess being charged).
The actual transaction will be debited on monday but as you have to have cleared funds in your account one working day before this you stand a chance of being charged.

Is this the first time you have gone O/D, Do you have a O/D facility?
Do you have Internet banking and a savings account with that bank to do an immediate transfer to your current account?

Thanks for the info.

I was only asking out of interest - I have an authorised overdraft so I will only be charged a few pennies interest which doesn't bother me.

I was just suprised because usually transactions like these take a couple of working days to appear on statements and I made this payment less than 24 hours before hand.

Surely I shouldn't be charged any interest for the 20th and 21st if the money isn't going out until the 22nd?

masonic

You'll only be charged from the date of the transaction (the 22nd).

jonesMUFCforever

Masonic is right - the transaction is dated the 22nd and that is the date it is applied.
It works both ways though, any automated credit would show up on your statement on Saturday or Sunday and be dated Monday.

91101

Interest is only caluclated on working days, ie not Saturdays/Sundays/Bank Holidays.

The way that most banks systems works is that they update overnight on the Friday with Mondays transactions, since Sat/Sun aren't working days. This update includes all inward BACS payments and any outward DDR/STO's.

Hope this helps/

dunstonh

Automated payments and credits going through on Mondays have appeared on Saturdays for a very long time. They were doing it decades ago when I used to work for them. Back then we would get a printout 10 on a saturday to see what was going through Monday. This was in the days when Lloyds cashpoints had that awful orange bar instead of a screen. So, that should date how long its been like this.

jonesMUFCforever

91101 wrote: »

Interest is only caluclated on working days, ie not Saturdays/Sundays/Bank Holidays.

The way that most banks systems works is that they update overnight on the Friday with Mondays transactions, since Sat/Sun aren't working days. This update includes all inward BACS payments and any outward DDR/STO's.

Hope this helps/

That is how it is calculated now but certainly LTSB are changing this next month.
If you are in excess on a Friday and do not pay in that day you will be charged for at least Friday, Saturday Sunday at the very least assuming you pay in on a Monday.
I can't think that LTSB will be alone on this so people near their limits should get an up todate T&C of their bank's charging structure ASAP.