direct debits going out early but dated correctly grrr!!

dobbie82

rent is due out on monday 17th but went out yesterday (friday 14th) dated the 17th

so instead ogf being a few hundred in credit on a saturday when i want to shop, im £30 overdrawn! wages will go in on 17th so not skint but means i cant shop today and i suspect shopping the last saturday b4 xmas will be a nightmare!

the money never reaches the landlords account before the 21st-23rd anyway so why do they take it early?

amandathepanda

If your wages go in to your account on Monday 17th, they should be included in your available balance now if they are paid in by bacs (computer to computer)

dzug

They 'reserve' it the previous working day - ie on Friday to take on Monday.

Unless he's made a mistake.

Biggles

LTSB don't reserve it till after midday on a Sunday. Who do you bank with?

PBA

Money for a direct debit has to be in the bank by close of business the day before it's due, so if it's going out on a Monday it has to be in on Friday night. Unfortunately relying on wages going in the same day is too late.

Not sure why you're thinking next Sautrday is going to be any worse for shopping than today...

YorkshireBoy

PBA wrote: »

Money for a direct debit has to be in the bank by close of business the day before it's due, so if it's going out on a Monday it has to be in on Friday night. Unfortunately relying on wages going in the same day is too late.

That's not true with my current accounts PBA. As amandathepanda has stated earlier, direct credits (eg wages paid by BACS) to the account are an exception. They, too, will be showing on the account now as well as the direct debits due out on Monday and the aggregate available balance will be showing now - for an account that updates Monday's transactions on the Friday night processing run as it appears the OP's does.

System

I'm willing to bet that this is NatWest or one of the others in the RBS group.

This used to happen to me when I banked with NatWest, but didn't really used to cause me problems.

It's always risky cutting it fine with DD payments / SO's and BACS credits (ie. wages), as I once found to my cost! Quite often debits are applied before credits and as a result you can end up in your overdraft (authorised or otherwise) because all the debits have come out then a couple of hours later the BACS credit appears and restores order!

NatWest charged me for this, but I did get it refunded!

Regards
UNDERGROUND

Mikeyorks

YorkshireBoy wrote: »

As amandathepanda has stated earlier, direct credits (eg wages paid by BACS) to the account are an exception. They, too, will be showing on the account now

I'm curious as to how that works?

Debits (item currently clearing / authorised DC en route / DDs due over weekend or working day after a break) - reflect on your available balance. But they all are known to your account before they appear in fully cleared format.

But a direct credit doesn't signal in advance. So I assume where you're saying it does is peculiar to a weekend / Bank Holiday? And only applies to Banks that don't run their systems over those periods? Halifax do - and my current account never shows a credit in 'available' before it's also shows as a fully cleared item in the account.

YorkshireBoy

Mikeyorks wrote: »

But a direct credit doesn't signal in advance. So I assume where you're saying it does is peculiar to a weekend / Bank Holiday? And only applies to Banks that don't run their systems over those periods? Halifax do - and my current account never shows a credit in 'available' before it's also shows as a fully cleared item in the account.

I'm with Yorkshire Bank (so assume it's the same with Clydesdale) and I can initiate a BACS transfer from, say, Nationwide on Thursday afternoon and see it affect my available balance at YB on Friday evening around 23:15, despite it being dated Monday.

Conclusion: Yorkshire Bank do not carry out any further processing over the weekend, with the next processing taking place Monday night.

dunstonh

Saturday, Sunday and Monday are effectively all the same day. Many banks are able to show what electronic transactions are going through Monday. This includes debits and credits. Your available balance on a Saturday will be reduced or increased depending on what is showing on the forecast balance.

YorkshireBoy

dunstonh wrote: »

Saturday, Sunday and Monday are effectively all the same day. Many banks are able to show what electronic transactions are going through Monday. This includes debits and credits. Your available balance on a Saturday will be reduced or increased depending on what is showing on the forecast balance.

With Yorkshire Bank, I can also see cheque deposits due to 'clear' on Monday on the previous Friday evening. These too affect my available balance over the weekend.