Confused about bank transactions

[milly143]

I've just looked at my account online and 2 direct debits show on there as going out on 07/02/11. Today is 05/02/11. Now, if Monday (being 7th) was not a working day then I could understand but why have these amounts gone out today (I know it wasn't yesterday as I check it every day) when they should have gone on Monday?

[factor-fiction]

This happens quite often to me at weekends- if you look again Monday it will show as having gone out on the Monday. If it's already dated Monday 7th I don't see a problem although like you I don't understand why it works that way.

[milly143]

That's the thing though Factor, there was enough in there to cover those transactions but not much more so I am now completely skint for the weekend. If it's supposed to go out Monday then why have they taken it today. I wasn't in the best of moods anyway so I now pity anyone that has to come into contact with me today.

[factor-fiction]

No- if it's dated the 7th it hasn't gone out yet. But having said that, you are supposed to have enough in at midnight on Sunday 6th Feb to cover Monday's DDs, and so unless you can pay in some cash in the next hour or so I reckon that if you are skint now you'd still be skint my midnight Sunday, so I don't see it matters

[milly143]

Trust me, the money has gone out.

[factor-fiction]

But you said they are dated as 7th Feb. Trust me- if it's showing as 7th Feb it won't have gone out.
The funds have to be available at the close of business on the previous working day (maybe midnight Friday night). It seems to me that the money has been earmarked to pay your DDs and is therefore not available for you to use on anything else between now and Monday.

So I don't see why it matters to you.

[milly143]

It matters because as I get paid on Monday then the money would have been there anyway. And the money has left my account. It shows very clearly on my statement. I understand what you are saying about the fact there needs to be cleared funds at midnight Sunday but as it's not even miday Saturday then I don't see why they should take it now.

[milly143]

Sorry, just seen what you said about close of play Friday. It still doesn't help make me less ruffled around the boa though.

[SlackAlice]

I have a couple that float around like that. Your best bet is to contact the people your paying and ask why they have claimed the money early, and refer them to the agreed schedule. I know its not much use now, but you need to tell them and show them your awake!
I find that insurance companies are the main culprits. Lets face it they get your money early and you multiply that by several thousand times for other people, its a nice little earner for them interest wise.

[milly143]

It's funny you should say that alice as one of them was for my car insurance.

Knowing I had a bit of money left in my account a couple of days before payday I was going to go a do a few bits of shopping yesterday but ended up looking after my nephew so didn't get a chance. I suppose it's a good job really as they would have ended up charging me if I'd spent it yesterday probably.

[society]

Milly, I imagine it all has to do with this? http://tinyurl.com/4s2ahvc

[milly143]

No, that's all been sorted now. I will be able to set the payment up tomorrow so the money will be in everyones accounts first thing Monday.

[factor-fiction]

The fact that you get paid on Monday wouldn't have mattered as the money to pay Monday's DD needed to be in there at close of business on the previous working day (which would be either Friday or Saturday).
But I still think you'll find the DD money doesn't actually go out until Monday- it's just been earmarked now.

[society]

Factor, you've chosen the appropriate profession. I highly commend you.

[factor-fiction]

Thanks, society- I assume you are referring to my being a teacher.
Well I'm not so sure I'm suited to it- I get sworn at several times a day ("f*** off", "you old c***", you're a f***ing w****r etc), usually by the pupils but occasionally by parents. I get nothing but complaints from parents I'm afraid.

[ubasses]

Factor 30 is right that it will not actually go until Monday, is your salary automated? if it is, it will be there at start of business on Monday morning and therefore the DD will not be returned if you spend some of your money over the weekend.

[gina32]

by the same token i have paid money in on a saturday but the stamp that the teller puts on teh stub is dated for the following monday, so i suppose it works both ways

[milly143]

I appreciate the answers but you seem to be missing what I've said. The money has already gone out of my account. Yes my wages will be in there at the start of play Monday but I can not withdraw the amount that covers the DD's as it has already gone. I dont know how else I can put it so you believe me but if you want to pop round and look at my statement feel free

[jno]

in theory, surely milly should be able to spend a fiver from her account today and replace it tomorrow without being overdrawn - but can she do so if they've already made Monday's DD money unusable? That doesn't sound right. It's still her money until then.

[factor-fiction]

jno- milly can't pay in a fiver tomorrow if the bank is shut. But I agree to the extent that if it was an online 'faster payments' payment I don't see why it can't go into the account on Sunday.
But I'm puzzled milly143 as to why you are so certain it has gone out- you said it was showing as a transaction for Monday 7th February. Is it showing as 7th February on your online bank statement? Why are you so certain it has gone out.

[milly143]

I'm certain it has gone out because at the top of my statement online it shows available funds which is now minus the amount of the DD's. I popped to the cashpoint to see if I could take it out and couldn't. That's what's annoying me, that I obviously need to make sure the money is there in Monday but on Saturday those funds should still be available to me, not floating around in the banks own little account or wherever it goes.