Help didn't have funds to cover a direct debit that would have come out a midnight

pennypuppy

Got money transferred in before 1 am but will it bounce? Payment to rental agency and they will go mad if it bounces.

pennypuppy

sorry its the Nationwide

pennypuppy

will it try and come out again at 7:30?

cx6

if it doesn't, then sent them the money using faster payment - it will arrive immediately

Scrounger

So long as there are sufficient funds in your bank account by 2pm today you should be OK under the 2014 direct debit 'retry process'.

http://www.ukfinance.org.uk/system/files/Payment-Bounced.pdf

Scrounger

beckstar1975

They normally send me a message saying I have until 3pm today to pay the funds in - get a text around this time telling me the amount that is trying to clear (note even though you've now paid the funds in the text will have the amount that failed before in)

GrumpyDil

Just wondering out loud but isn't it unusual for a rental agency to be large enough to use direct debits?

Anyway if it has failed check it won't automatically represent before sending the agency any money manually as you do not want to overpay and then be charged an admin fee to get the overpayment returned. 

Daliah

GrumpyDil said:

Just wondering out loud but isn't it unusual for a rental agency to be large enough to use direct debits?

You don't have to be a large company to use DDs. There are Direct Debt outfits which can collect DDs even for individuals (at a charge, of course).

[Deleted User]

GrumpyDil said:

Just wondering out loud but isn't it unusual for a rental agency to be large enough to use direct debits?

The sponsoring bank will usually be careful with whom they agree the facility with as they may have to honour DD indemnity claims if the business goes bust. This doesn't mean it needs to be a big business but lower risk ones.

jimjames

pennypuppy said:

sorry its the Nationwide

If Nationwide can't make a payment I always get a text to let me know that if the funds are there before 2.30pm it will still be paid

stclair

pennypuppy said:

Got money transferred in before 1 am but will it bounce? Payment to rental agency and they will go mad if it bounces.

This happens to me every month providing you have cleared funds in your account by 2.30pm on the day it’ll be paid.