# Will a "weekend" DD cause me to be overdrawn?



## ClubMan (14 Sep 2007)

OK - I screwed up a bit this month and have too little in the current account to cover a _DD _that is due (money transferred from, er, _NR _the other day hasn't hit the account yet). This _DD _falls due tomorrow but technically will be drawn on Monday according to the payee. However I have seen such _DDs _appear online at the weekend and dated on the Saturday/Sunday so I'm not sure how this works. Will this _DD _hitting the account over the weekend cause a problem (bounce or overdraft) if there is no money to cover it.

Hope I explained that OK!?


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## Towger (14 Sep 2007)

With BOI, I cant confirm others. Credits on weekends will be credited, debits will not be debited. The rules for EFT state that transactions dated for a weekend/bankholiday will go through on the next bank working day.

BTW: Do you think Betie will give me a 'digout' if NR goes bust from all the Irish withdrawing their savings? :-( Will we be able to write it off against tax?

Towger


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## ClubMan (14 Sep 2007)

Thanks. Just in case I got some cash off my _CC _(€300 at a cost of 1.5% or about a fiver - no interest charges if cleared 25 days after next billing date) to cover things in case they arrive at the weekend, *and *are actually credited then rather than on Monday and the money transferred the other day does not arrive before this happens. Who would have thought I'd be doing cash advances on a _CC_, eh?


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## Guest111 (14 Sep 2007)

I have an NIB current account used solely for a mortgage. I transfer in literally the exact amount every month so there is no overdraft facility. A couple of times your scenario has happened where the mortgage is taken out over the weekend but the TRS isn't applied until Monday so it appears as if i'm overdrawn over the weekend. Nothing happens though and no charges are incurred and the TRS hits first thing Monday.
You'll be fine


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## webtax (14 Sep 2007)

ClubMan said:


> no interest charges if cleared 25 days after next billing date



i think all credit cards start to charge interest from the day of withdrawal unless your account is in credit so you might want to check in case you get a surprise with your next bill


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## ClubMan (14 Sep 2007)

Andy Doof said:


> I have an NIB current account used solely for a mortgage. I transfer in literally the exact amount every month so there is no overdraft facility. A couple of times your scenario has happened where the mortgage is taken out over the weekend but the TRS isn't applied until Monday so it appears as if i'm overdrawn over the weekend. Nothing happens though and no charges are incurred and the TRS hits first thing Monday.
> You'll be fine


Thanks. If the fiver €4.50 charge is just for peace of mind then so be it. I really should get my act together on such matters! 

Rectifying an erroneous bank transfer?


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## ClubMan (14 Sep 2007)

webtax said:


> i think all credit cards start to charge interest from the day of withdrawal unless your account is in credit so you might want to check in case you get a surprise with your next bill


[broken link removed]


> *10. INTEREST AND CHARGES
> 
> *...
> 
> ...


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## casiopea (14 Sep 2007)

ClubMan said:


> OK - I screwed up a bit this month and have too little in the current account to cover a _DD _that is due (money transferred from, er, _NR _the other day hasn't hit the account yet). This _DD _falls due tomorrow but technically will be drawn on Monday according to the payee. However I have seen such _DDs _appear online at the weekend and dated on the Saturday/Sunday so I'm not sure how this works. Will this _DD _hitting the account over the weekend cause a problem (bounce or overdraft) if there is no money to cover it.
> 
> Hope I explained that OK!?



Hi Clubman,
Ive seen you solved the problem (with the credit card), I had the same issue some years back and rang the bank (AIB) they said they would honour the DD assuming the monies arrived within 48hours (which was the case with my delay).  

HTH
cas


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## webtax (14 Sep 2007)

i stand corrected - might switch my card to them too!


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## ClubMan (14 Sep 2007)

webtax said:


> i stand corrected - might switch my card to them too!


Yeah - I was surprised about this too when I read up on their cash advance rules. The new IFSRA It's Your Money site is also a good source of this info and easier to navigate since the revamp.


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## ClubMan (14 Sep 2007)

casiopea said:


> Hi Clubman,
> Ive seen you solved the problem (with the credit card), I had the same issue some years back and rang the bank (AIB) they said they would honour the DD assuming the monies arrived within 48hours (which was the case with my delay).


Thanks. I rang my branch earlier today asking about a temporary overdraft facility in case that was needed but they needed me to drop in and sign stuff for that. I asked if a _DD _or other withdrawal hitting the account without sufficient funds would necessarily cause problems (and what - unauthorised overdraft or a bounced _DD _etc.) and they didn't seem to know. Your man spoke vaguely about there being some "flexibility" in such situations but he couldn't tell me how "flexible" my specific account was. I gave up asking at that stage and opted for the _CC _cash withdrawal solution...


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## ClubMan (15 Sep 2007)

This is the bit I don't understand - these details were captured on the 14th September:

```
Account                  Balance    Available balance
Switch Current A/C    2835.39    2835.39
```
and

```
Date        Description                 Amount     Balance
17/09/2007    permanent tsb VISA         -310.00     2835.39 +
17/09/2007    <DD>                       -750.00     3145.39 +
17/09/2007    <Transfer>                +3000.00     3895.39 +
14/09/2007    ATM withdrawal              -40.00      895.39 +
```
So my transfer did come in before the DD that I was expecting. However I don't really understand the future dating of such transactions and the fact that actually have access to money that ostensibly arriving on Monday (as per the available balance above which sometimes is not the same as the actual balance when certain transactions are pending or not fully executed.


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## Towger (15 Sep 2007)

Does the rule 'Transactions dated for a weekend/bankholiday will go through on the next bank working day' Help. How the banks implement it differs.


The fact is that money transferred within the Irish banking system sits in limbo for 2/3 days, while money transferred through SWIFT to the far side of the world comes out of your account on the day it arrives in the beneficiaries account.!!


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## DublinTexas (15 Sep 2007)

A while ago PTSB send out changed T&C which specified that you need to have funds available for Direct Debits and future automatic transactions at close of the business the day BEFORE the transation is to be carried out.

I.e. if my DD is taken out on Wednesday I have to have enough money on the accout on Tuesday close of business.

So my Monday DD will only be covered if I have money on the account on Friday evening, they don't care that I get a credit to the account on Monday, even if I go into the branch on Monday to pay it in in cash. The money needs to be there on Friday. 

I have as clubman however also seen that credits I expected to arrive on Monday have been on the account on Friday after 1700 being included in the available amount on the account.

Very often I see me Monday DD deducted after 1700 on Friday, sure with a value of Monday but never the less deducted on Friday.

I know that UB has also send out similar T&C recently.

It is really typical for banking in Ireland....


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## GeneralZod (15 Sep 2007)

I have a DD come out of my UB account every month on the 15th to repay a UB car loan. The online system shows it as a pending transaction with a date of Monday the 17th but it has already been taken from my available balance two days before the transaction date.

Two payments out of the account I made yesterday after 11 am are shown with application dates of the 15th rather than the 17th.

I'd love to read a clear explanation of how it works.


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## ClubMan (15 Sep 2007)

It's all a bit confusing. Why can't transactions be dated when they happen *and *only appear when they happen and not in advance or whatever the above means? I'm assuming that I'm safe above and the _DD _will not bounce or not charges will be levied for unauthorised overdraft or whatever but I guess time will tell. Anyway - I'm off on hols tomorrow and there seems to be money in the bank now so I'm happy!


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## ClubMan (5 Oct 2007)

webtax said:


> i stand corrected - might switch my card to them too!


Just to confirm that as confirmed by my latest statement the only charge for the €300 cash advance on the _PTSB VISA _card was the 1.5% (€4.50) cash advance fee and no interest or other charges applied.


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## mo3art (5 Oct 2007)

GeneralZod said:


> I have a DD come out of my UB account every month on the 15th to repay a UB car loan. The online system shows it as a pending transaction with a date of Monday the 17th but it has already been taken from my available balance two days before the transaction date.
> 
> Two payments out of the account I made yesterday after 11 am are shown with application dates of the 15th rather than the 17th.
> 
> I'd love to read a clear explanation of how it works.



I have similar DD & SO set up to come out of my bank account and the available balance can dip in the same way.  Cynical I may be, but I feel that it's another way to make money off our current accounts for themselves.


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## bond-007 (5 Oct 2007)

I will tell you another good one.

My aib merchant account pays my sales into my current account 24 hours after they are extracted from my terminal. But when the money appears it is always down as yesterdays date even thou its not in the account till today if you get me.


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## REMFAN (11 Oct 2007)

casiopea said:


> Hi Clubman,
> Ive seen you solved the problem (with the credit card), I had the same issue some years back and rang the bank (AIB) they said they would honour the DD assuming the monies arrived within 48hours (which was the case with my delay).
> 
> HTH
> cas


 
It must depend on the branch. I was e40 short a car payment a few months back and rang the bank to ask if they'd cover it until the next day (when I get paid). The abrupt women on the phone told me 'absolutely not'. A co-worker loaned me the e40 and I ran to the bank to lodge it for the car payment that went out in the early hours of the following morning (a few hours before wages went in). 

The CC never even occurred to me, you're a step ahead Clubman


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