Banking Laws

[CrispyFries]

Anyone know anything about banking laws specifically relating to when a payment(direct debit) falls due on a weekend or non-banking business day, as to when the company can make the debit request?

I always assumed that it was the next banking business day.

[IOWNU]

The company is legally entitled to make the debit on the agreed date between both parties, whether or not this falls on a business day is irrelevant. (But realistically speaking, the debit is usually made on the next business day.)

[BBGTR]

It all depends on the specifcs of the direct debit authority that you signed. A lot of PD-C type agreements have the ability to vary dates and other conditions - apart from the amount.

A good example is if the debit is scheduled for the last business day of the month, this will be different dates most of the time.

Just call your Bank, they will tell you, or ring the organisation in question. You wont get a clear answer here - it's a car forum!!!

[CrispyFries]

A car forum with lawyers and accountants :P

I guess I'll need to dig up the agreement. I always thought that there was a law that a payment couldn't occur before the due date, and had to fall on the next bank day, kind of the like the one that pay must be received by the due date, and so fall on the previous bank day.