Withdrawal rules on notice accounts

dont_use_vistaprint

I have a 95 day notice account that I planned to empty, so I calculated the interest into the future and scheduled the withdrawals but didn't factor in rate cuts so the final withdrawal will be short.

if I make a deposit prior to the final withdrawal, will it allow the withdraw or does the deposit need to remain in their account for 95 days?

eskbanker

Sounds like it would be worth contacting the provider to ascertain (a) how they deal with insufficient funds to satisfy withdrawal requests and (b) if there's anything the account-holder can or should do in such scenarios?

DRS1

Can't you just close the account?  Then they can work out your closing interest without you having to estimate it.

Also don't they need to give you notice of rate reductions?  More than 95 days notice?

Barkin

dont_use_vistaprint said:

I have a 95 day notice account that I planned to empty, so I calculated the interest into the future and scheduled the withdrawals but didn't factor in rate cuts so the final withdrawal will be short.

if I make a deposit prior to the final withdrawal, will it allow the withdraw or does the deposit need to remain in their account for 95 days?

Can you cancel the withdrawal/s?  All of the notice accounts that I've had allow this, up to e.g. 8pm on the day before the notice period ends.

Then you could simply close the account, and wait the notice period for the correct interest to be added and paid out.

I'm somewhat puzzled at the concept of making additional deposits into an account that you're planning to empty. As long as the account is still open, any new deposits will be subject to the notice period of the account.

35har1old

dont_use_vistaprint said:

I have a 95 day notice account that I planned to empty, so I calculated the interest into the future and scheduled the withdrawals but didn't factor in rate cuts so the final withdrawal will be short.

if I make a deposit prior to the final withdrawal, will it allow the withdraw or does the deposit need to remain in their account for 95 days?

Why did you put a figure on the withdrawal?
Should have just given notice of closure didn't think you could request amount of withdrawal greater than amount currently showing as available Did you receive confirmation of your request?

allegro120

dont_use_vistaprint said:

I have a 95 day notice account that I planned to empty, so I calculated the interest into the future and scheduled the withdrawals but didn't factor in rate cuts so the final withdrawal will be short.

if I make a deposit prior to the final withdrawal, will it allow the withdraw or does the deposit need to remain in their account for 95 days?

It would be easier to answer if you have specified the account.  Normally a deposit you make after submitting your withdrawal instruction wouldn't affect the withdrawal. Your new deposit will have to stay there for at least 95 days.

1spiral

I think the OP is stating they have already scheduled the withdrawal for an amount that is greater than their balance. If that is the case it would be highly unusual and I for one would be interested to know which provider allows this.

dont_use_vistaprint

1spiral said:

I think the OP is stating they have already scheduled the withdrawal for an amount that is greater than their balance. If that is the case it would be highly unusual and I for one would be interested to know which provider allows this.

RCI 95 day