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How do banks alert you about a risk of a regular payment having insufficient funds?
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Thanks everyone, it seems that if I left my bouncy standing orders intact until tomorrow, I'd start to see some alerts. I'm not going to do that because I don't want to deliberately bounce.
I'm particularly thankful for confirmation about how LBG because Lloyds is my main current account.
As an aside, ignoring high interest current accounts, the only savings account provider I've found so far who allow you to set up a regular monthly payment out with no further interaction needed is Skipton. They also have the benefit of same day transfers, unlike some building societies who send it the next day.0 -
I am with HSBC. If I have insufficient funds - the SO will still go out, and I will get a text from HSBC to say that I have gone into an unarranged overdraft - if I credit the balance by 23.45 that day, I do not incur a fee.1
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Here's a link to a MSE article on it. It's old, but a bank on it won't now stop retrying, and also it lists the cutoff times back then.
https://www.moneysavingexpert.com/news/2014/08/payment-bounced-youll-soon-have-a-second-chance-to-avoid-fees/
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Angelica123 said:I am with HSBC. If I have insufficient funds - the SO will still go out, and I will get a text from HSBC to say that I have gone into an unarranged overdraft - if I credit the balance by 23.45 that day, I do not incur a fee.Moo…1
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gwapenut said:As an aside, ignoring high interest current accounts, the only savings account provider I've found so far who allow you to set up a regular monthly payment out with no further interaction needed is Skipton. They also have the benefit of same day transfers, unlike some building societies who send it the next day.1
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On 1st of every month around 11.30, I get an alert from Nationwide that there is insufficient in my account to cover an SO for £125 & I have until 14.3 to rectify this.This is despite the fact that £1050 is deposited on the same date, and always appears before 08.00.I assume it’s because Nationwide start their payments run sometime overnight but for some reason alerts are sent later.1
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gwapenut said:Thanks everyone, it seems that if I left my bouncy standing orders intact until tomorrow, I'd start to see some alerts. I'm not going to do that because I don't want to deliberately bounce.
I'm particularly thankful for confirmation about how LBG because Lloyds is my main current account.
As an aside, ignoring high interest current accounts, the only savings account provider I've found so far who allow you to set up a regular monthly payment out with no further interaction needed is Skipton. They also have the benefit of same day transfers, unlike some building societies who send it the next day.
Then you'd get the warning, and be able to add back funds before the end of the day, and the overdraft would count as not having happened, so wouldn't incur charges
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Starling sends a notification the day before to say you insufficient funds to meet the following days withdrawals1
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penners324 said:Starling sends a notification the day before to say you insufficient funds to meet the following days withdrawals0
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TSB have a feature that sweeps money to your current account from a savings pot if the balance goes below a certain threshold. So it’s kind of like an overdraft but from savings.0
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