Payment cut-off times - for each bank etc.

carpy

hi

does anyone know, have list or a link to somewhere online of all the different payment cut-off times (both deposits and withdrawals) for as many places as possible?

they all seem to differ and the information is not always easy to find on their websites, even their staff quite often don't seem to be clear on what they are!

thank you

kaMelo

The cut off times are in regard to what exactly?
You mention deposit and withdrawals but for many banks electronic deposits and withdrawals are processed instantly every day of the year.

penners324

With faster payments there are no cut off times

eskbanker

I could be wrong but suspect that OP was referring to the time at which the banking day is deemed to be completed, i.e. at a certain point within a 24 hour period (rarely midnight - I have it in the back of my mind that RBS is at 18:30 for example), this 'ticks over' and subsequent transactions are regarded as being datestamped for the following day.

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested), or in some cases it was possible to spend money during the evening before payday, for example.

Anyway, I don't remember seeing any threads about this for a long time and I don't believe the information is widely available, but could be wrong.

OP - in the apparent absence of any comprehensive listing for all banks, you might get more of a result if you specify which banks you're actually interested in?

Grizebeck

3 30 pm for payment of cheques into certain banks at certain branches....

Band7

Was the question perhaps about the time by which you need to have your account in a positive balance to avoid overdraft charges?

With Santander, I get a text telling me to pay in enough by 8.15pm to avoid O/D charges.

carpy

eskbanker said:

I could be wrong but suspect that OP was referring to the time at which the banking day is deemed to be completed, i.e. at a certain point within a 24 hour period (rarely midnight - I have it in the back of my mind that RBS is at 18:30 for example), this 'ticks over' and subsequent transactions are regarded as being datestamped for the following day.

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested), or in some cases it was possible to spend money during the evening before payday, for example.

Anyway, I don't remember seeing any threads about this for a long time and I don't believe the information is widely available, but could be wrong.

OP - in the apparent absence of any comprehensive listing for all banks, you might get more of a result if you specify which banks you're actually interested in?

spot on!

Santander for example is 8:15pm as other poster pointed out.

i'm surprised this information isn't more readily available somewhere to be honest.

out of interest eskbanker why is the practice you refer to 'dodgy'?

eskbanker

carpy said:

eskbanker said:

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested)

out of interest eskbanker why is the practice you refer to 'dodgy'?

I think it was a matter of degree - there's no harm in finessing the scheduling a one-off transfer to take advantage of different 'closing times', but if I recall correctly there were anecdotal tales of large sums being rotated around numerous institutions on a daily basis, and the banks took a pretty dim view of that....

carpy

eskbanker said:

carpy said:

eskbanker said:

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested)

out of interest eskbanker why is the practice you refer to 'dodgy'?

I think it was a matter of degree - there's no harm in finessing the scheduling a one-off transfer to take advantage of different 'closing times', but if I recall correctly there were anecdotal tales of large sums being rotated around numerous institutions on a daily basis, and the banks took a pretty dim view of that....

i guess they might view it as 'a bit dodgy' although i cannot see what the problem would be unless they specifically state this would not be allowed?

i would see it as just playing the system rather than doing anything wrong, not really any different to 'stoozing' for example..

wmb194

carpy said:

eskbanker said:

carpy said:

eskbanker said:

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested)

out of interest eskbanker why is the practice you refer to 'dodgy'?

I think it was a matter of degree - there's no harm in finessing the scheduling a one-off transfer to take advantage of different 'closing times', but if I recall correctly there were anecdotal tales of large sums being rotated around numerous institutions on a daily basis, and the banks took a pretty dim view of that....

i guess they might view it as 'a bit dodgy' although i cannot see what the problem would be unless they specifically state this would not be allowed?

i would see it as just playing the system rather than doing anything wrong, not really any different to 'stoozing' for example..

In the past people have said they've had their accounts closed for doing this.

carpy

wmb194 said:

carpy said:

eskbanker said:

carpy said:

eskbanker said:

As I recall, there used to be some sort of dodgy practice of shunting money around institutions late in the day to take advantage of this to achieve multiple days of interest payments on the same sum (not that I'm saying this is why OP would be interested)

out of interest eskbanker why is the practice you refer to 'dodgy'?

I think it was a matter of degree - there's no harm in finessing the scheduling a one-off transfer to take advantage of different 'closing times', but if I recall correctly there were anecdotal tales of large sums being rotated around numerous institutions on a daily basis, and the banks took a pretty dim view of that....

i guess they might view it as 'a bit dodgy' although i cannot see what the problem would be unless they specifically state this would not be allowed?

i would see it as just playing the system rather than doing anything wrong, not really any different to 'stoozing' for example..

In the past people have said they've had their accounts closed for doing this.