Rbs loose ‘early pay day’

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  • Shakin_Steve
    Shakin_Steve Posts: 2,701 Forumite
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    The reason I said I didn’t understand is because it makes no difference. The weekend banking is reconciled on a Monday evening. Let’s say you have a fee-free £250 overdraft and you are up to your limit on Friday evening. Your wages show up Saturday morning and you dive into them and spend, say, £250. On Monday evening your debits will show before your credits and you will find yourself £500 overdrawn before your wages are credited.
    I came into this world with nothing and I've got most of it left.
  • stclair
    stclair Posts: 6,844 Forumite
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    It means credits and debits due on a Monday will no longer happen on a Saturday.


    Changes to when payments go into and come out of your account(s) at the weekend
    From 13 January 2018 the way regular payments go into and come out of your account(s) over the weekend is going to change, and your available balance may be affected.

    Here's what you need to know, and ways to help avoid any impact on your weekend finances:

    Payments into your account at the weekend (like your salary, pension or other regular income)

    Up until 13 January 2018: Any payments due into your account on a Monday are available to you from the Saturday.

    From 13 January 2018: Any payments due into your account on a Monday will only be available to you from the Monday and not the Saturday as before.
    Payments out of your account at the weekend (like direct debits and

    standing orders) Up until 13 January 2018: Any payments due out of your account on a Monday are taken from your account on the Saturday morning, meaning you've less money to spend over the weekend.

    From 13 January 2018: Any payments due out of your account on a Monday will leave your account on the Monday, meaning this money will be still available to you over the weekend.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • Shakin_Steve
    Shakin_Steve Posts: 2,701 Forumite
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    Ok, I see. Barclays, my main account, doesn’t work that way. For instance, the wife’s wages is showing this morning, but the credit has Monday’s date.
    I came into this world with nothing and I've got most of it left.
  • unforeseen
    unforeseen Posts: 7,281 Forumite
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    I understood that these are changes in the regulations that ALL banks must implement, so others will be following suit.
  • stclair
    stclair Posts: 6,844 Forumite
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    unforeseen wrote: »
    I understood that these are changes in the regulations that ALL banks must implement, so others will be following suit.

    It relates really to debits happening earlier than they should.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • eskbanker
    eskbanker Posts: 31,050 Forumite
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    stclair wrote: »
    It means credits and debits due on a Monday will no longer happen on a Saturday.


    Changes to when payments go into and come out of your account(s) at the weekend
    From 13 January 2018 the way regular payments go into and come out of your account(s) over the weekend is going to change, and your available balance may be affected.

    Here's what you need to know, and ways to help avoid any impact on your weekend finances:

    Payments into your account at the weekend (like your salary, pension or other regular income)

    Up until 13 January 2018: Any payments due into your account on a Monday are available to you from the Saturday, meaning this money will be available to you over the weekend.

    From 13 January 2018: Any payments due into your account on a Monday will only be available to you from the Monday and not the Saturday as before, meaning you've less money to spend over the weekend.

    Payments out of your account at the weekend (like direct debits and standing orders)

    Up until 13 January 2018: Any payments due out of your account on a Monday are taken from your account on the Saturday morning, meaning you've less money to spend over the weekend.

    From 13 January 2018: Any payments due out of your account on a Monday will leave your account on the Monday, meaning this money will be still available to you over the weekend.
    Can't say I'm impressed by the way they've tried to spin it as a positive by only highlighting how the changes affect outgoing payments - if the same text is added to the incoming ones too (as I've done above in red) it's a rather more balanced and neutral way of portraying it....
  • stclair
    stclair Posts: 6,844 Forumite
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    eskbanker wrote: »
    Can't say I'm impressed by the way they've tried to spin it as a positive by only highlighting how the changes affect outgoing payments - if the same text is added to the incoming ones too (as I've done above in red) it's a rather more balanced and neutral way of portraying it....

    Contact them and raise a concern.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • eskbanker
    eskbanker Posts: 31,050 Forumite
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    stclair wrote: »
    Contact them and raise a concern.
    I haven't received any notification from them yet so was just looking at the wording in your post, assuming that it was a straight copy/paste.... Do you agree that (if it was an unedited copy) the wording is rather one-sided?
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    eskbanker wrote: »
    I haven't received any notification from them yet so was just looking at the wording in your post, assuming that it was a straight copy/paste.... Do you agree that (if it was an unedited copy) the wording is rather one-sided?
    One-sided spin from a bank? Surely not. :)

    Here is a link to the RBS help page with details of the Jan 2018 change.

    https://www.supportcentre-rbs.co.uk/?q=weekend%20credits
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    It seems if your pay is due on a Monday you will now get it on Monday, so no big deal really.
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