Direct Debit deducted the day before it was due - Is this normal ?

D

demoivre

Registered User
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I'm just curious about this. Last night I was doing some on line banking with PermTSB and noticed a direct debit had been deducted from my account but dated 15/3/2011 even though last night was clearly the 14/3/2011 and the DD isn't due until today, the 15th! So had I checked my account this morning, and not last night, all would look normal as the DD is dated for today even though it was deducted last night. Maybe I'm wrong about this but I always thought DDs were presented on the day they were due. Can anyone clarify the way it works?
 
Hi Demoivre,
DD's are usually supplied by the originator in electronic form and processed in bulk by the account-holding bank.
PTSB probably have a staged overnight posting process where debits & credits to be applied to an account are "shadowed" onto the account at various stages during the night.
With the volumes the main banks have to process, the overight postings can start as early as 6pm or 7pm. All this activity will be booked under the following day's date for the purposes of calculation fees & interest.

C
 
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