Flowersfade Posted October 31, 2010 Share Posted October 31, 2010 As long as your money gets paid in on the same day.This is how it works in the Halifax. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted October 31, 2010 Share Posted October 31, 2010 As long as your money gets paid in on the same day.This is how it works in the Halifax. I think some are confusing “paid in” with “cleared funds”, its no good going to the bank and paying in a cheque on the day debts are due to be paid. Link to comment Share on other sites More sharing options...
Mr_J_Bravo Posted October 31, 2010 Author Share Posted October 31, 2010 The money that will be going into my accoutn will be a standing order so it will be cleared funds. Ive spoken with the bank and theyve said it all depends on 'when the company comes for their money'. In other words if they 'came' for their money at 2am but my standing order came into my account at 3am then i would be liable for a £25.00 charge. Ive had to cancel the direct debit.Set it up as a standing order and make it come out on the 2nd of November to avoid the risk of the £25.00 charge. It took me 45 mins on the phone to sort this. Absolute nightmare!! Link to comment Share on other sites More sharing options...
truman Posted October 31, 2010 Share Posted October 31, 2010 Cancel the DD on the day before its due, then reinstate it when the money is available simple. I suppose it depends what the consequences of missing a DD payment are? Link to comment Share on other sites More sharing options...
Grandad.Malky Posted October 31, 2010 Share Posted October 31, 2010 The money that will be going into my accoutn will be a standing order so it will be cleared funds. Ive spoken with the bank and theyve said it all depends on 'when the company comes for their money'. So in theory a account can be in debt and in credit several times in one day doesn’t sound right does it and it isn’t what I was told by the TSB. All it takes is a human to override a debt if they can see it as been generated by a computer error but then again the good old computer error covers all bases doesn’t it. Link to comment Share on other sites More sharing options...
Andy Posted October 31, 2010 Share Posted October 31, 2010 The money that will be going into my accoutn will be a standing order so it will be cleared funds. Ive spoken with the bank and theyve said it all depends on 'when the company comes for their money'. In other words if they 'came' for their money at 2am but my standing order came into my account at 3am then i would be liable for a £25.00 charge. Ive had to cancel the direct debit.Set it up as a standing order and make it come out on the 2nd of November to avoid the risk of the £25.00 charge. It took me 45 mins on the phone to sort this. Absolute nightmare!! I think the person you spoke to doesn't know what they're talking about. The DD company "come" for their money at whatever time the bank run their incoming DD file. Equally incoming payments credit at whatever time the bank run their incoming BACS file. It isn't a case of someone at the Electricity company deciding to claim their payments at 2:00 but the people paying in don't send the money until 3:00 because they'd gone to make a cup of tea! The normal procedure is all credits are applied, all debits are applied and then the bank review all accounts (automatically) to work out what needs to be bounced. The only time you would have a problem is if the incoming payment is sent by Faster Payments or CHAPS on the day, as these credit during the day not overnight. So the DD may get returned before the credit comes in. Equally if you were paying cash in over the counter, that may also be too late. Setting up as a SO is better though. I work in banking and do not trust DDs one little bit. All it takes is for a company to make an error and you're stuck without funds. Yes, the indemnity scheme does guarantee you an immediate refund, but you have the hassle of having to claim it, and if you're in a shop trying to use your debit card, it's not an ideal situation! Link to comment Share on other sites More sharing options...
Hairyloon Posted November 4, 2010 Share Posted November 4, 2010 That as to be wrong you can’t be overdrawn and in credit on the same day or that’s what I was told, ask to speak to the organ grinder instead of the monkey when you go in to complain. It might be wrong, but that does not stop them doing it. If you don't like it you can join the throngs of people fighting for a refund. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted November 4, 2010 Share Posted November 4, 2010 It might be wrong, but that does not stop them doing it. If you don't like it you can join the throngs of people fighting for a refund. What as a link about charges in general got to do with a specific case? Link to comment Share on other sites More sharing options...
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