Payment cut-off times - for each bank etc.

eskbanker

FYI, here's one of the old threads about this:

https://forums.moneysavingexpert.com/discussion/6085833/earning-interest-twice/p1

tg99

I take the Santander cut off time into account when moving money in and out between savings accounts which is quite frequent at present given continual changes in list of best paying accounts. But don’t frequently move money in and out back to same savings accounts given risk of account being closed as others have mentioned. If you want to find out cut off times at accounts you hold you could make a series of v small payments throughout the day and see at what point the date credited on the transaction list changes from that day to the following day. I am assuming though that the date credited on the transaction list is the same as the day when interest starts being earned but don’t know for sure so stand to be corrected.

carpy

surely they should inform you first, before shutting down your account, that they have an issue with how you are using the account?

artyboy

carpy said:

surely they should inform you first, before shutting down your account, that they have an issue with how you are using the account?

Good luck with that thought - I rather suspect all bank T&Cs will allow for swift closure of an account that is deemed to being misused. If they don't want you as a customer they don't have to provide you with banking services...

eskbanker

artyboy said:

carpy said:

surely they should inform you first, before shutting down your account, that they have an issue with how you are using the account?

Good luck with that thought - I rather suspect all bank T&Cs will allow for swift closure of an account that is deemed to being misused. If they don't want you as a customer they don't have to provide you with banking services...

There are generally two tiers of account closure envisaged within Ts & Cs - the harshest one being immediate action where there is fraudulent activity suspected (triggering legislative or regulatory processes) but the less onerous one being a 60 day notice period (or similar) given for a more discretionary revocation of banking service provision, so chances are that this would fall in the latter category.  The fundamental point remains: why take the chance?

carpy

still don't see the problem with though.....

as someone else said....the banks are quick enough to make money out of customers!!

as i see it it's just being savvy

eskbanker

carpy said:

still don't see the problem with though.....

as someone else said....the banks are quick enough to make money out of customers!!

as i see it it's just being savvy

Your prerogative to hold that opinion of course, but likewise it's your bank(s)' prerogative to decline to retain you as a customer if they consider your account conduct to be unreasonable, so if you're determined to go ahead then roll the dice and take your chances....

carpy

well after milking this for a good few years my time is up!!!!
just a warning to anyone else doing it - your days are numbered 

wmb194

carpy said:

well after milking this for a good few years my time is up!!!!
just a warning to anyone else doing it - your days are numbered 

What happened? Any lifetime bans?

HobgoblinBT

I am not aware of a list covering all banks, but cut off times are likely to appear in each bank’s terms and conditions.