Santander: BANK TO THE FUTURE

Gummomarx

My Virgin Media bill is due for payment on 27 January.  However, I noticed that the money left my account sometime between 7:29pm and 11:15pm on the 26th with the 27th as the date.
Great Scot!

eskbanker

The money leaves your account on the 27th, but they've chosen to show the transaction slightly ahead of that (dated correctly) in the knowledge that it's on its way through the system.

Rob5342

When I had a Santander account my Salary uaed to show up at about 11:30 the day before I was paid. They can see that transactions are in progress through the system, and modern banks like Monzo show them as pending a few days im advance. 

Ballard

The way that direct debits work is that the originator (eg Virgin) will tell their bank to collect £x from your account. This bank then send a file to your bank which will have all DD claims for the next working day.

This is likely to be a large file listing all claims from (eg) BT, Sky, Thames Water for all of the receiving bank’s customer. Your bank will then load it into their system and, presuming that the DD is in place, can mark some of the debits ahead of time. If there’s insufficient funds by the cut off time, the bank can bounce it. 

penners324

Nothing to worry about. 

My bank has been showing a DD all weekend that isn't leaving my account until Tuesday 

Gummomarx

The odd thing is that I've been with Santander 10 years and I've never seen this activity before.

Gummomarx

Ballard said:

If there’s insufficient funds by the cut off time, the bank can bounce it. 

So, you reckon the actual cut-off time would've been midnight of the 26th rather than the seemingly premature debit time before that?

eskbanker

Gummomarx said:

Ballard said:

If there’s insufficient funds by the cut off time, the bank can bounce it. 

So, you reckon the actual cut-off time would've been midnight of the 26th rather than the seemingly premature debit time before that?

They'd have processed the transaction earlier this morning, and sent you an insufficient funds alert if needed, giving you the option to fund the account by this afternoon.