Transaction Speeds

**bigjohnk** · 21st January 2007 19:39

Hi,

Can anyone tell me if there is a specific timescale between a D/D being presented & then being rejected.

The reason I ask is I have just had a D/D presented & rejected on the same day due to funds not being in the account. The thing is the funds to pay the D/D cleared the same day (transferred from one account to another, same bank).

I have noticed in the past that there has usually been a couple of days between a D/D being presented then being refused.....have things suddenly changed?

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NATTIE · 21st January 2007 19:54

The funds have to be in the account the previous working day by 3:30pm(to quote Natwest icon

T&C;s) for it to be classed as available funds for DD's

**chesham** · 21st January 2007 21:06

A lot of companies will use really bad excuses for DD's being failed...Sky once told me they call for the DD 14 days before the due date..which is ridiculous, because their DD goes on 25th (my pay day) and I am usually skint for the last two weeks before that day!

However, now working in financial services and seeing how the DD's work, the DD is called for at the end of business on the day before and is automatically processed. At the start of the next business day, the DD is presented to the bank, who then call upon the funds on THAT day.

So if you have a DD of £50 due on the 20th of the month, the DD is called for after 6.30pm on the 19th. On the 20th, when the banks are up and running, the DD is then presented against your account and the funds (if available) are then taken.

If you ask your bank, most of them say you can cancel a DD before around 6.30pm the day before it is due to go out.

**chesham** · 21st January 2007 21:07

In addition, most companies will NOT cancel or amend a DD if you ring and ask close to the date because they say it has been "called for". This is a load of crap - under the terms of the DD guarantee you are entitled to cancel your DD instruction AT ANY TIME up until the DD is presented, which is usually the evening before (as above).

As an example, Nationwide icon

allows you to cancel any DD upto 6.30pm the day before it is due to go out.

NATTIE · 21st January 2007 22:46

Chesham- that isn;t right, a Standing Order needs two working days notice but not a DD. I have never had a problem cancelling a DD the day before it is due out at work. Standing Orders are a different kettle of fish

**chesham** · 21st January 2007 22:49

Originally Posted by chesham

under the terms of the DD guarantee you are entitled to cancel your DD instruction AT ANY TIME up until the DD is presented, which is usually the evening before (as above).

As an example, Nationwide icon

allows you to cancel any DD upto 6.30pm the day before it is due to go out.

That's what I meant - you can cancel the day before up until the time business has ended and the DD is on it's way out - usually quite late in the day, but you can cancel the day before up until this time. I didn't mention anything about two days notice?

As for standing orders, I cancelled mine the other day at about 11pm the day before they were meant to leave my account due to a switch in bank accounts. There was no need to give any form of notice - the pop up box in my internet banking said that my arrangement would be cancelled immediately, as opposed to the instruction for DD's, which says they are cancelled in an ovenight process.

NATTIE · 21st January 2007 22:57

I may have misread your post, thanks for correction

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