We know from time to time it can be difficult to meet your payment commitments. Here we've listed a few things to make sure it doesn't happen.
1) Review your payments
Set aside an hour or so to do this:
- Check when your regular payments go out
Usually, regular payments are set up to be paid on a particular day of the month. Look at your statements and list the dates of any Direct Debits, standing orders and other payments – for example, mortgage or rent, bills, loan etc.
- Pay when it better suits you
Many people prefer to set up major payments like their mortgage or rent to be made just after they get paid. You might choose to do the same with your council tax, mobile and utility bills and so on.
For Direct Debits, ask the company you're paying if they'll change the day. For standing orders, you can change these yourself via Online Services, at a branch or by calling us.
2) Keep an eye on your outgoings
Make a habit of doing these things:
- Keep an eye on your available balance
Your 'available balance' is the money in your account which you can withdraw. It may be more than your 'account balance' if your account has an overdraft facility. And it might be less than your account balance if you have payments due to go out or you’ve paid in a cheque which hasn’t yet cleared.
To find out your balance (both the available balance and account balance):
- Make sure there's enough in your available balance to make your payments
After reviewing your payments, you'll now have a clear idea of when you need to have money available. If there's not enough in your account, set up a transfer from another account.
There must be enough money in your available balance by 2pm on the day the payment is due. Otherwise, we may refuse to make the payment.
For standing orders, we’ll re-attempt to make the payment on the following business banking day - so if you pay in enough money after 2pm on the day the payment is due, that’ll be fine.
- Take extra care to remember your cheque payments
When you make a payment or withdrawal (if it's possible for your account), the money doesn't always leave your account immediately.
For example, if you buy something with a debit card, it can take up to 30 days for the money to come out of your account.
Make sure you keep enough money in your available balance to cover all your payments.