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Direct debits?

What time do they come out? I have a payment coming out tomorrow to my LISA by direct debit but the funds won't be available until 7am. Will the DD still come out or will it bounce?

Comments

  • 7am sounds a bit specific for a credit. An ATM deposit perhaps?

    But to answer your question, any time after midnight. There's generally a second attempt made later in the day though for those like yourself who don't have cleared funds available.

    If you say which institutions are involved someone might check their respective websites for help. Then again you could do that yourself?
  • 7am sounds a bit specific for a credit. An ATM deposit perhaps?

    But to answer your question, any time after midnight. There's generally a second attempt made later in the day though for those like yourself who don't have cleared funds available.

    If you say which institutions are involved someone might check their respective websites for help. Then again you could do that yourself?

    Do they make a second attempt on a DD ? genuine question as I don't know.
    Nat West used to reject on the Friday if the payment was due on the Monday , and may still do .
  • ceredigion wrote: »
    Do they make a second attempt on a DD ? genuine question as I don't know.
    Yes, according to a quick Google search. One result even points back to an article on this very website.

    Applies to SOs, future dated FPs and DDs. In effect, so long as they're pre-notified payments.
  • I bank with nationwide. Have tried looking online but couldn't find an answer hence asking on here.

    Someone will be transferring money into my account at that that time which is why it's specific
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    Direct debits usually come out just after midnight.
    Can't you get the person to transfer the money now rather than waiting until 0700 tomorrow morning?
  • Just wondering if it really matters. If there are insufficient funds, presumably it won't be paid (unless there's an overdraft facility) and you can then just make a manual payment to the LISA when the funds have cleared.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    Are you sure the payment to the LISA is a direct debit not a standing order?
  • It's a direct debit. LISA is with moneybox and the whole system of them collecting money is very confusing ����!♀️
  • I can't speak for direct debits, but I know that Nationwide processes standing orders in the early hours of the morning, with a second attempt at sometime around 2:30pm in cases where there are insufficient funds. Otherwise as above, if possible I'd try to arrange for the funds to be paid in earlier, ideally the night before if possible.
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