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SEPA changed timing of my standing orders

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  • 30-07-2014 9:34pm
    #1
    mauro.sk
    Registered Users Posts: 18 ✭


    Hi

    I am not sure if this is being posted to correct forum but I'll give it a go:

    Since the implementation of SEPA payments my account would be put to arreas for a couple of hours every once in a while which has caused trouble when I wanted go apply for a credit card - my account's statement would show that my balance is negative, explanation below:


    up until February:

    account balance on let say 10.1.2014: +200
    wages paid in on 11.1: +1000
    account balance 11.1: +1200
    two standing orders gone through on 11.1: -400
    account balance on 11.1 evening: +800

    AFTER February:

    account balance 10.2: +200
    two standing orders gone through (due next day): -400
    accoount balance 10.2: -200
    wages paid in on 11.2: + 1000
    account balance on 11.2: +800


    what happens is that when looking at my statements online the minus figures are being recorded as overdraft which I have never applied for, it doesn't cause any extra charges but it shows as if I had no fundings in my account.

    When I wanted to apply for a credit card recently they said they would refuse due to having negative balance here and there, I explained that it wasn't my fault, they did process the application but they also said that it is my responsibility to make sure that the fundings are in the account the day before!

    I said that I never authorised standing orders to be processed day early and the reply was that: this is how banking system works.

    I understand the above however how do I get the bank to process the payment on the day I want without taking the money from my account the day before ?


    If I change the standing order by one day my rent is going to be paid a day late which is not what I have agreed with the landlord AND I want the bank to not charge my account early just as a matter of principle.


    Regards

    Matus
    Tagged:


Comments

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    #2
    28064212
    Registered Users Posts: 10,511 ✭✭✭✭28064212


    Are you sure the standing orders went through on 10.2, and not early on 11.2? If they go through early on 11.2, there's nothing you can do but change the standing order date.

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    #3
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭Bepolite


    Not legal advice but, if you;re barely scarping by month to month, don't get a credit card.


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    #4
    mauro.sk
    Registered Users Posts: 18 ✭mauro.sk


    Bepolite wrote: »
    Not legal advice but, if you;re barely scarping by month to month, don't get a credit card.

    I don't need the credit card but it's almost impossible to rent a car on holidays without one, I am not scraping by as I keep money in savings account rather than current one


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    #5
    mauro.sk
    Registered Users Posts: 18 ✭mauro.sk


    28064212 wrote: »
    Are you sure the standing orders went through on 10.2, and not early on 11.2? If they go through early on 11.2, there's nothing you can do but change the standing order date.

    Yes, goes through at 20:00 because this is when new banking day begins as I was told by customer care


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    #6
    Senecio
    Closed Accounts Posts: 971 ✭✭✭Senecio


    mauro.sk wrote: »
    I don't need the credit card but it's almost impossible to rent a car on holidays without one, I am not scraping by as I keep money in savings account rather than current one

    Why not just transfer 200-300 EUR from your savings back to the current account to ensure it never goes into negative?


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    #7
    28064212
    Registered Users Posts: 10,511 ✭✭✭✭28064212


    mauro.sk wrote: »
    Yes, goes through at 20:00 because this is when new banking day begins as I was told by customer care
    Well, the difference is pretty immaterial. Even if they did move the standing order so that it went through at 00:01 on the 11th, you would still have the same problem. You should never set up standing orders to come out the same day as wages coming in, because you can't guarantee that they will be processed in the order you want them to be

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    #8
    mauro.sk
    Registered Users Posts: 18 ✭mauro.sk


    28064212 wrote: »
    Well, the difference is pretty immaterial. Even if they did move the standing order so that it went through at 00:01 on the 11th, you would still have the same problem. You should never set up standing orders to come out the same day as wages coming in, because you can't guarantee that they will be processed in the order you want them to be


    It used to work until mid-February :)


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    #9
    mauro.sk
    Registered Users Posts: 18 ✭mauro.sk


    Senecio wrote: »
    Why not just transfer 200-300 EUR from your savings back to the current account to ensure it never goes into negative?


    I can do that but I wanted to be able to have it the way it used to be prior to February. Basically the bank says that if the money isn't in the account by 5pm the payment won't go through but they record negative balance for a transaction that hasn't happened. Its the principle that is annoying me. If I have until 5 o'clock to lodge money into my account why do they have to 'take money' from my account 21 hours early? :) but I gave up, will just have money in :)


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