direct debit and bank hols

Mrs_Weasley

hope someone can answer this............have got a direct debit due to go out on Good Friday when will it go out ~Thurs, Fri or Tues?

Thanks bess xxx

rayday2

Direct debits always go out later than the date on bank holidays and weekends but money coming into your account should be there before bank holiday or weekend dates.

IWantToBeFree_2

Speaking of payments going out of accounts.... I have a standing order that comes out of my account every week for rent (paying it weekly at minute as we don't know when we are moving out). Its set to come out every Monday, yet its always out of the bank on the Sunday. Always have money in my current account, so its not exactly a problem, but annoys me soooo much! Dread to think when they may take it this week!

rayday2

I used to think that with Lloyds online banking but when I checked the date it was actually showing as the monday date on the sunday.

With regard to charges etc direct debits cannot come out before a date - even though they may show it does not leave your account until after bank holidays or weekends.

Mrs_Weasley

Thanks ray i did think that but wasn't sure, it might just ease things over the weekend cos my fam allow is in on tues x

rayday2

I know what you mean sometimes I doubt my plans when its cutting it fine but thats the rules direct debits should not come out until after the date if it falls on a bank holiday or weekend!

Just don't push it with a trip to the garden centre on sunday :P

Mrs_Weasley

rayday2 wrote: »

I know what you mean sometimes I doubt my plans when its cutting it fine but thats the rules direct debits should not come out until after the date if it falls on a bank holiday or weekend!

Just don't push it with a trip to the garden centre on sunday :P

I won't got enough of them so many infact i'm putting some on freecycle:D
No i'm ashamed to say i haven't bought 1 easter egg yet:eek: although i've got a freebie comong from thorntons:j

Snaggles

Hiya, it's not always true that direct debits will go after the bank holiday (sorry ). Direct debits are controlled by the company who sets them up (the originator) - they request the money from your account - so technically they could (and sometimes do) request it before the bank holiday.

Usually you will have an agreement showing the earliest date in the month that they will take it though, and MOST companies are decent enough to take payment afterwards.

Standing orders (if they fall on a non-working day) will go out on the first working day following a bank holiday, as they are controlled by you.

rayday2

Sorry snaggles you are wrong lol

Went on the direct debit website and if that happened to you, you had right to complain.

Q Will the payment always be on the same date every month?

A Normally payments will be made on the same date each month, quarter or annually according to the payment frequency. If any payment due date falls at a weekend or on a bank holiday, the organisation is obliged to debit your account just after that due date unless they notify you in advance of a change of date.

http://www.thesmartwaytopay.co.uk/did-you-know.asp

Snaggles

But if your agreement says 'no earlier than the 15th of the month' for example, although they usually collect it on the 20th, then they HAVE notified you in advance that it could be collected earlier.

It doesn't happen often I grant you, but just wanted to point out that it CAN happen.

Mrs_Weasley

thanks snaggles

will check bank account on thursday before i spend any money anyway, if its gone out will manage .... getting used to being skint :rotfl: