What's up with them taking my Loan payment out early??

[timandlesley]

Not too happy this morning. They are supposed to take the money out of my account on the first, I plan for that financially. The money came out last night but is DATED 11/2???? What the heck!?! Luckily I had the money in there, but JUST barely!!!
Did that happen to anyone else??
Lesley

 

[mom2rb]

They took mine out last night too.

 

[Chuck S]

If it is dated 11/2, I wonder if your bank pulled it early? Our dues usually come out on the 1st of the month, and our credit union hasn't pulled them.

 

[bwvBound]

I had just checked my account a few minutes before finding this thread. Mine, normally due on the 1st, hit today. I was a bit shocked as I had expected them to hit on Monday.

 

[HERSEY]

Mine is due on the 1st. If it is due on a weekend they normally do take it earlier. But since yours is the 2nd that is strange. Are you sure it is due on the 2nd? Usually it is the 1st or 15th of the month.

 

[timandlesley]

No, it's usually taken out on the first. I had a check I needed to deposit this morning and hadn't gotten to the bank and was shocked to see it already taken out.
Lesley

 

[bumbershoot]

Is it out of the available balance, or out of the real balance? Meaning, is it still pending, or is it a done deal?

I haven't had this go on with the payment on my bank's end, but I notice on the DVC site I can't do anything payment-wise for days before the payment is taken out of my account. So they obviously start the process early with the banks.

If it's just a "pending" charge, then it's probably b/c of the weekend that you're seeing it sit there. I know that the other charges I make, especially on my Chase debit card, hang there for days and days (and it's really a mess if it's at a place where I tip, but the Chase people pretty much tell me I'm making it up, LOL), but don't cause any overdraft charges b/c they're just pending.



If it isn't taht, well, ignore me.

 

[mgilmer]

Some banks will take out a pending debit on the last business night before the day the payment is due. Hence if the payment is due on a Monday, it will come out on Friday night sometime after midnight. Likewise if you have income direct deposited into your account, it goes into the account the last business night before the deposit day with the same result as above. Other banks will debit the amount the actual day of the debit and not the last business night before. It is your bank that does this according to their policies and not DVC.

 

[timandlesley]

Yeah, it's not a pending balance, it's a "done deal". Guess I'll have to inquire with my bank.
Lesley

 

[edk35]

Our dues come out on the 1st and nothing was taking out last night. We use a credit union.

 

[wdw1972]

What's the big deal??? I have my dues taken from my bank account but I certainly don't carry a balance low enough that if something comes out early it'll be a problem. Yikes - that's living too close to the edge for me! Your best bet it to build up to a bigger cushion...and that should be at least $1000 unless your dues are really really high

 

[princessvacg]

Wow!! Leslie I completely agree with you! When $$ are supposed to be deducted on a certain day... than that should be the day! It has nothing to do with how much money you keep in your checking account... or if that is even anyone's business.

 

[KevGuy]

What's the big deal??? I have my dues taken from my bank account but I certainly don't carry a balance low enough that if something comes out early it'll be a problem. Yikes - that's living too close to the edge for me! Your best bet it to build up to a bigger cushion...and that should be at least $1000 unless your dues are really really high

In case you don't realize some people don't have the luxory you do or a choice for that matter in this economy.

 

[Doctor P]

No, it's usually taken out on the first. I had a check I needed to deposit this morning and hadn't gotten to the bank and was shocked to see it already taken out.
Lesley

Unless it is an ONUS check you are asking the bank to do FOR you what you are accusing them of doing TO you. At many banks, the banking week ends on Friday. Even if you have a transaction on Saturday, it is not officially posted until Monday. Furthermore, there still is a holding period at most banks on a check. Thus, your money would not be there to use for a couple of days. In addition, once a certain time of day comes (even on a week day) the bank is into the next banking day and your deposits and withdrawals go onto the next banking day.

That said, the other thing that has happened to me is that the bank considers everything that happens on a given banking day as happening at the "end of the day" for reconciling purposes. So, I have had cases where an automatic withdrawal came out before my paycheck was deposited to cover it. No problem because the money was there when the account was reconciled at the end of the day. So, there MAY be a problem but it is also possible that there is not a problem.

 

[timandlesley]

Yeah...... wow, how rude. Thanks for everyone elses kind reply. I have a specific account dedicated JUST for that reason and the balance is kept low (thank you very much ) and when they say it will be deducted on the 1st and it is taken out on the 30th when I could have gotten to the bank and deposited money before that deadline that does make me a bit angry. Geez
Lesley

 

[Sandisw]

Yeah...... wow, how rude. Thanks for everyone elses kind reply. I have a specific account dedicated JUST for that reason and the balance is kept low (thank you very much ) and when they say it will be deducted on the 1st and it is taken out on the 30th when I could have gotten to the bank and deposited money before that deadline that does make me a bit angry. Geez
Lesley

I had this happen to me once and according to my bank, even though I could see it and it was deducted, it was the date listed as to when it "actually" would come out of the account. As long as the funds were available on that date, I would be okay and would not be charged a fee for overdraft.

I wonder if this is the case as you mention it is dated November 2nd. This also happens every week with my DH's check--it is direct deposited on Thursday and included in my balance that I can see, but I can't go to the bank and take it out until Friday.

 

[rentayenta]

Mine is due today and I don't see a pending charge yet. Odd.

 

[edk35]

What's the big deal??? I have my dues taken from my bank account but I certainly don't carry a balance low enough that if something comes out early it'll be a problem. Yikes - that's living too close to the edge for me! Your best bet it to build up to a bigger cushion...and that should be at least $1000 unless your dues are really really high

Your reply surely didn't answer whether this had happened to you.

 

[psindone]

My dues were taken out yesterday as well. It's the first time I have seen that and I have been a DVC member since 1999. If anything, sometimes it's taken out on the 2nd not the first. Especially if the 1st. falls on a weekend. I do understand the problem with them taking it out earlier than expected. It could cause a problem. That extra day does make a difference for many people. (me included)

 

[Deb & Bill]

Same here. Our dues were taken yesterday but they still show as pending.