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?
--
Terry, UK

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
On Sun, 01 Jan 2017 00:38:40 +0000, Terry Pinnell

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.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Thanks Chris, understood.
--
Terry, East Grinstead, UK

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.