****UK question*****
Right, my mate has £0.00 in his bank account. On Friday, he has a £200 DD going out, but he also has £300.00 coming in from work. Will the DD go out, if not then will he get charged?
At work I saw a case like this and our employee got charged £35.00 from a certain bank. In the terms it states that the money must be in the bank at least 1 day before the DD goes out.
Thank you.
2007-09-19 06:19:42 · 6 answers · asked by Sluugy 5 in Business & Finance ➔ Personal Finance
Correct.
TAKE URGENT ACTION NOW !!
Ring up the Bank NOW and ask for an IMMEDIATE overdraft facility of, say, £250 .. check that the Overdraft will be allowed before they take any charges (otherwise the overdraft setup fee could push him into the red .. in which case go down to the Bank and pay cash across the counter to arrange the overdraft ..
Otherwise the DD will fail when the balance at the start of day is checked = if they are 'nasty' they will stop the DD and charge £35 .. if they are 'nice' they will pay the DD, so his account will go into 'unauthorised overdraft' and then charge him a lot more than £35 .. (of course that might be better than missing a DD payment..)
Even if they charge £5 for setting up the overdraft facility it will be better than defaulting on a DD.
NB> Once the DD has been failed, it will NOT automatically be rerun when the money becomes available .. if the Bank fails the DD your friend will have to arrange payment themselves
2007-09-19 08:38:05 · answer #1 · answered by Steve B 7 · 3⤊ 0⤋
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2016-12-17 05:13:32 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I think if it all happens and gets proccessed in the same day it will just be a wash. No overdraft fees. But i agree his best bet is to call the bank and ask. (Im from the US so our ways might be different)
2007-09-19 06:41:46 · answer #3 · answered by mandaz86 2 · 0⤊ 0⤋
Most banks as long as you explain it will try and sort something out for you I know mine does when payday falls on a weekend.
2007-09-20 03:08:14 · answer #4 · answered by helllraiser5uk 2 · 0⤊ 0⤋
Could your mate not simply ask his bank?
2007-09-19 06:32:22 · answer #5 · answered by champer 7 · 0⤊ 0⤋
Follow Steve B or your mate(?) will be in trouble
2007-09-19 09:32:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋