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unlawful transactions??

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  • unlawful transactions??

    Lloyds TSB are regularly taking money from my account on a Sunday and yet the statement always says that they are taking the money on Monday. This is for a loan that I have with them and standing orders with other companies. Now I have no objection to this money being moved from my occount as it is quite clearly owed. However, i do feel that it is wrong to date the statements incorrectly. Surely Sundays date should be at the side of each transaction taken on said same day or they are taking the money a day early and earning interest on it. If I was to pay a cheque into my account then I would have to be aware of Sunday not being a working day and take that into consideration. Is this a standared banking practice? Any assisstance would be appreciated.

  • #2
    Re: unlawful transactions??

    Hi captainmethane and welcome to Beagles.

    The amounts may be presented by the automated systems on a Sunday but actually processed on a Monday.

    With my account with Yorkshire Bank if I pay in a cheque on say Monday, it will appear as a transaction at the end of that day, however, I may not be able to draw funds from that cheque until the Wednesday. Many automated transactions take place at the end of the day which in automated terms could be 11.59pm and by the time it is processed and added to the database to produce an item on your statement it could be 12.01am the following day

    Although confusing I do not think it is an "unlawful transaction" it is just the way items are presented then processed.

    Hope this helps.

    Also, why not pop in here Welcome captainmethane and say Hi.
    Last edited by Tools; 20th September 2008, 12:07:PM.
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