Overdraft fees at weekends?

ashbaggie

I was always under the impression that Saturday/Sunday are not working bank days. Therefore when you log into your bank account on a Saturday morning it will show entries going through on a Monday. To complicate matters credits show up straight away however debits only show up on the Monday morning, thus giving people quick access to salary etc, clearly a good thing. However I always assumed that if I went overdrawn at a weekend I effectively had until COB on Monday to pay in to clear the debt. I have just noticed that Lloyds have charged me for being overdrawn on a Saturday and Sunday- I know Barclays don't. Anyone else had experience on this? Which banks are the most generous on this?

Ballard

I suspect that there’s not a hard and fast rule for every bank, but the credits could well be forward dated. Paying with a debit card could potentially allow you to use this balance without being charged but using an atm would probably be immediate and take you overdrawn.

I’m not talking from a position of knowledge here, just what seems like common sense to me. 

phillw

Direct debits won't go out on a weekend or bank holiday.

Nationwide do standing orders to regular savers on a weekend, most banks don't.

I think halifax was the last time I went overdrawn. I think when I made a payment to cover it, the payment was dated on the monday.

I would ask them to explain why you were charged interest, then complain about it.

penners324

The bank system still works at the weekend. Some banks, usually the legacy banks, will process weekend transactions on the Monday.

The like of Starling, Monzo, Chase, etc process everything on whatever day the transaction happens 

Nasqueron

penners324 said:

The bank system still works at the weekend. Some banks, usually the legacy banks, will process weekend transactions on the Monday.

The like of Starling, Monzo, Chase, etc process everything on whatever day the transaction happens 

Agreed, I get interest paid on the day by Kroo, regardless of day of the week, NatWest seem to take forever to process anything - my digital saver for NW is meant to pay interest on the 1st, it will process tomorrow. A transfer into Virgin was ok and they paid interest on the current account but the internal transfer from Virgin current to saver on the 1st is showing as pending even today and the interest hasn't been processed when that's meant to be last day of the month which was a working day!