Direct Debit taken from my account early

pre123

IvanOpinion wrote: »

This is something that is catching more and more people out. I am not sure about this case but in general read and understand the wording carefully .. in some cases the 'payment date' is the date they expect funds to clear and they will try to collect the monies several days in advance of this.

I had this issue with CapitalOne, I was surprised to see money leaving my account several days before I expected ... but on carefully re-reading the wording on the bill (and not just looking at the date) they did make it clear.

Ivan

well the exact wording on my bill is:
The 'Amount Due' will be collected by Direct Debit on or just after 12 May 2008

so is it in breach taking or earmarking it before it

normanmark

pre123 wrote: »

well the exact wording on my bill is:
The 'Amount Due' will be collected by Direct Debit on or just after 12 May 2008

so is it in breach taking or earmarking it before it

Well what you need to ensure is that its not your bank thats taking it out of your account early or the provider in question.

Also look at your available balance against your balance. That would be an indication whether its been taking out.

Ultimately its only 2 days. If you're wanting some form of compensating from that then i'd say you're pathetic.

Broken_hearted

Its fine if the money is there but what if its not I've had money due to go in on the monday for dd to go out, Then its taken early leaving the account o/d and the bank charges.

looby75

but if the money isn't there on the Saturday for a dd due to be take out on Monday it's not going to be there on Monday either as all payments due in on Monday show up on the account balance on Saturday to (IYSWIM)

normanmark

Broken_hearted wrote: »

Its fine if the money is there but what if its not I've had money due to go in on the monday for dd to go out, Then its taken early leaving the account o/d and the bank charges.

Then you plan & budget so that a week before any payments are due the money is in the account.

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

Broken_hearted

normanmark wrote: »

Then you plan & budget so that a week before any payments are due the money is in the account.

:rotfl::rotfl::rotfl::rotfl::rotfl:

Broken_hearted

looby75 wrote: »

but if the money isn't there on the Saturday for a dd due to be take out on Monday it's not going to be there on Monday either as all payments due in on Monday show up on the account balance on Saturday to (IYSWIM)

Natwest doesn't seem to work that way.

looby75

Broken_hearted wrote: »

Natwest doesn't seem to work that way.

are you sure, my sister has a Natwest account, she is a carer for her DH and their IS is supposed to be paid on a monday, but it always hits her account on saturday, but shows mondays date.

PROLIANT

Old_Git wrote: »

call virgin ,tell them they have taken the money early and this has put your account overdrawn ,ask for compo a free month or whatever ( BT do this ) .If they don't play ball ask your bank to pay the money back because it was taken early . The bank will do this if you mention the DD guarantee .

Why? People who are screwing the banking system with that attitude when in fact it is not the banks fault nor is it the creditor either, read the DD guarantee, the DD guarantee states that you must have CLEARED funds in your account at least 1 working day before the payment is due to be debited, as in Friday due Monday and every time I setup a DD advisor states on or around the date due i.e. 28th or might be on the 30th or the 26th, why cant people just stop this poor money management attitude and get a handle on their finances, just be a little more responsible, if you organise you finances on a knife edge every month that is silly and you deserve to get charged and hammered by banks etc. I have very little residual income left after my bills are paid but I know when they come out of my account and I always leave a little fat on the time scale too.