Why does NatWest take payments early?

Not something I'll lose sleep over, but I'm curious...
Just checked my NatWest online current a/c statement (00:30 on 1/1/2017). The most recent two entries are dated 3/1/2017. About £220 in total, taken two days earlier than the scheduled standing order date of Tuesday 3rd January.
Multiply a few hundred thousand times and that's a tidy bit of illegitimate interest going to Natwest, isn't it?
Reply to
Terry Pinnell
wrote:
That's fairly normal for most banks. Debits are entered on the last working day before a payment is due. Payments due on Mondays are usually debited on the previous Friday.
People often used to withdraw money from an ATM over the weekend forgetting that wouldn't leave enough money in the account for payments due on Monday, which then failed to go through. When failure to make a payment on time involved some kind of penalty they would then blame the bank.
I don't think it necessarily involves any loss of interest. I believe banking transactions have two dates associated with them, a "ledger date" and a "value date". The ledger date is what gets shown on your statement, but interest is calculated based on the value date.
Reply to
Chris in Makati

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.