Overdrawn for a matter of hours, charged or not?

Smiley_Mum

I have just transferred cash to cover my D/Ds for this month, the money was in another account with the same bank, I just forgot to transfer it last night like I normally do. Just transferred just now, does anyone know whether I will be charged or not. The fact that the money has gone in before 3pm which is usually the end of the banking day. I have never, ever, ever been overdrawn and just forgot to transfer the cash as my son was really ill, off school and trip to doc etc, just clean forgot. I'm so mad at myself for forgetting. If there is likely to be charges etc, when do they normally get applied? The account was - when I signed in and then I paid the money through and it was in credit so just wondering what's likely to happen if any charges applied. Thanks. Any info appreciated. Thanks all.

pancakequeen

Hiya,

This happened to me once, my bank did charge me but I sent a letter saying that I was dissapointed that they had charged me. As when I looked at my account online it never showed that I was over drawn. They reimbursed the charge. So I would either wait and see if they send you a letter saying that they are charging you and then challenge them or contact them now saying you hope that they are not going to charge you.

The formatting might be funny on this message as I am at work so I don't usually post just read but spotted your post and thought that I would pass on my experience.

Anne

RayWolfe

It depends upon the Terms & Conditions of your account. To allow for this in the future, why not ask for an overdraft facility for such emergencies? YOU DON'T HAVE TO USE IT!

YorkshireBoy

Smiley_Mum wrote: »

Any info appreciated.

Most (all?) current accounts require the covering funds to be in the account the banking day before DD's/SO's etc are paid.

However, if you have an agreed overdraft, this will technically cover the outgoing payments until your transfer from the other account is made.

If you want to draw on others' experience with your particular account provider, you really ought to mention who it is!

Smiley_Mum

Thanks very much for all your replies. The account is with the BoS. I went into the branch today and they said I'd just have to wait and see tomorrow, once the account has been updated. I do have an OD but not sufficient to cover all the payments made today, £40 light so it would be classed as an unauthorised OD if they do charge me. Fingers crossed everyone. Thanks for taking the time to reply to my post, appreciate it. :-)

poppy_f1

rbs charged me once for being overdrawn for 8 hours but after making them see a bit of sense they refunded the charge

Mikeyorks

Smiley_Mum wrote: »

I do have an OD but not sufficient to cover all the payments made today, £40 light so it would be classed as an unauthorised OD if they do charge me.

They probably will charge ..... then withdraw it once you point out it's the first time, and the reasons as per your OP.

Increase the OD - and take the next opportunity to move some DDs away from the 1st of the month? Also consider that BOS run a 6.2% current account for values up to £2,500 - and it may be worthwhile (depending on the rate of your other account) keeping that fully funded? - and which also protects your DDs (but don't ever go over the £2.5k as the interest rate dips to 0.01%)

realaledrinker

Smiley_Mum wrote: »

I just forgot to transfer it last night like I normally do.

Banks will have a cut off point at which sufficient funds need to be available to cover following day's debits, e.g. Co-op 9pm.

I can only speak for the Co-op/smile but I always check my account first thing in the morning & move over cash from a savings account with the same bank to cover any "overdrawn" position. Have never been charged yet.

Smiley_Mum

Have just checked the account and no charges. Anyone know will I get a letter first if they do charge me. I've never, ever been overdrawn so don't know the procedures. Thanks all.

Homework

They send a letter out the day after the charge is identified saying the money will be taken in 7 days, if you are lucky you get the letter before the 7 days are up. If you phone and enquire now they will be able to tell you if charges are going to be taken.

Smiley_Mum

Bank waived the charge as it is the first ever time I've been OD since I opened the account a zillion years ago.