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Pay Day on Monday/Saturday?


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Hi All, newbie here!

Got a question. The company I work for pays us on the 23rd of every month, which this month happens to fall on a Monday. When I used to bank with Natwest, if my paydate was a Monday, then the funds would show in my available balance on the Saturday (even though, if I got a Mini Statement, it would still show Monday as the “official” day the salary is credited).

My question is this. My salary now goes into my girlfriends Lloyds TSB Silver account. Is this still the same procedure? Will I get paid on the Saturday? I have spoken to 3 different people at Lloyds and all give a different story so I am looking for info from someone this has actually happened to!

Apparently it has something to do with wages being processed on the day before your paydate and Sunday isn’t a working day.

Looking forward to your replies.

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natwest were great at doing that and you got paid over the weekend, however, they are the only bank I know to do this, sorry I cannot be of more help

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In most accounts, your wages will show as being there, because if you check the date on your online banking, you will see the transactions (both in and out) are actually dated from Monday.

 

Any purchases that you make by card will also not come through until next week, but if you withdraw cash, it will show as being taken the same day.

 

In real terms, what it means is that you will pay extra interest on the "overdrawn" balance. The money is showing and available, but not actually "there" until Monday, so for interest calculations, you will show as being more o/drawn for a couple of days. Does that make sense? It's a bit like when your bank lets you draw on a cheque that hasn't cleared yet, except a cheque could still bounce.

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I'm with BOS and it doesn't show until the Monday.

 

Ida x

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HBoS and A+L both show the actual day, no sooner!

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Just to confirm I get paid on Monday and it is clear to use on the Saturday.

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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  • 5 weeks later...

Hey just to add to this, due to easter you get today what you would normally get on Tuesday. all transactions show as 14th though but funds are clear.

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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I'm a Lloyds premier customer and anything that is due in my account on a monday credits on saturday as 'uncleared' so I can see it but couldn't withdraw it from an ATM - on the flip side anything also leaving my account on Monday shows as going but again my balance doesn't diminish - it's like uncleared outgoings as well

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Me and OH with RBS, last month OH was due to be paid on Monday. Checked digital banking and the money was available Saturday and yes we could use an ATM and use Switch on the Saturday.

 

HH

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  • 3 weeks later...

hmm. my pay day isn't monday

nor saturday. I'm always paid every

friday. but sometimes, it's delayed because

of some reasons, example: holidays, etc. :D

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  • 2 years later...

Hi guys....sorry if im asking the same question again but most the relevant answers ive found are years old so..... Its bank holiday on monday, my employer processed our wages today (thursday) through BACS....i bank with NATWEST...does anyone know will it clear tuesday (next working day) or will it clear early hours of saturday?? Im praying saturday otherwise it will be a very long and boring weekend :-(. Thankyou

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  • 1 year later...

Having banked with Natwest, any salary payment by BACS due to clear monday will show as available on the previous saturday. This is also true for Barclays as I discovered in April and am hoping will be repeated this week end :-). Lloyds TSB you will be waiting until Monday although I remember when I was made redundant, my redundancy pay was due to be paid on monday but showed cleared by 6pm sunday the previous day.

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