When does Monday begin before 9pm Sunday?

an1179

When does Monday begin before 9pm Sunday?

Answer - When you bank with Lloyds/TSB :eek:

I had written 2 cheques for £3,600 (ISA's) and one for £583. The money had not come out of my Lloyds TSB cheque account on friday so i thought I would transfer from my cheque account to my Lloyds/TSB online saver to get a bot of interest So I did that on Friday with the intentions of transferring the money back on Sunday night.

On Sunday night 11. May I went onto internet banking they had already done the banking for MOnday 12 May and they had got the 3 cheques as above and I was overdrawn to £7,500 approx. So I transferred the funds over thinking it would be ok.

I have checked my account today Tuesday 13 May and they have bounced the cheque for £583. I phoned and they confirmed they paid the 2 cheques for £3,600. I will not be charged for going overdrawn as I credited the account before 3.30 on Monday .

Anyway I have to go and see the £583 bounced cheque person to apologise :mad: and see if their bank charges for bouncing cheques.

What if anything can I do. I will write and complain I think but all the statements show the date of transactions as 12 May - with hindsight I should have printed a statement on Sunday.

dunstonh

When does Monday begin before 9pm Sunday?

Here goes, another one of these threads. This is becoming the FAQ for this section. Maybe a sticky is would be a good idea.

edit: just realised this is in the wrong section. It would be an FAQ had it been posted in the banking forum

On Sunday night 11. May I went onto internet banking they had already done the banking for MOnday 12 May and they had got the 3 cheques as above and I was overdrawn to £7,500 approx. So I transferred the funds over thinking it would be ok.

Problem there is that you made a number of assumptions.

What if anything can I do. I will write and complain I think but all the statements show the date of transactions as 12 May - with hindsight I should have printed a statement on Sunday.

For decades Lloyds have been able to show transactions going through on a Monday at various points over the weekend. They can show standing orders and direct debits as well as electronic credits on a Saturday morning. Cheques tend to get updated later over the weekend although some can show on a Saturday morning depending on where they are in the batch processing. This is also common for most of the other retail banks.

The transactions are still going out on Monday but you can see them early.

It is a requirement to have the funds in your account the working day before the payments are made so you did breach the t&c of your account. However, Lloyds do normally check for transactions going through that day (monday) and a transfer from the online saver to the current account normally shows straight away. It is possible the account manager missed the transfer taking place and that is a risk of doing what you did.

I suggest you contact lloyds and be polite about it and tell them what happened. They will probably refund the charges and remind you that you should have the money in there the day before a payment is due (Friday in this case).

If you get nowhere, remind the person of the "grace period" that is quoted on the lloyds website:
The grace period

If your account goes over its limit, you’ll have until 3.30pm (UK time) that day to pay in enough money to cover all your payments.

an1179

Hi thanks for your reply I couldn't see where to put the question so I though this section was ok.

Went into Lloyds/tsb I found out that in fact I had a cheque for £400 which had not cleared on Monday and that was why they bounced my cheque. They were very nice though and deleted the charge for me.

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"]!!!!!![/EMAIL]