HBOS Internal Standing Order Timing

bluebottle23

I have various direct debits & standing orders setup to come out my HBOS current account on the 1st of each month.

I keep the money in a HBOS savers account. If I setup a standing order from the savers account with a date of the first of each month will the cash reach the current account on the 1st (ie same day - instant transfer?) so everything will be paid?

rail.link

You should check if HBOS require the funds to be in the account the day before the standing orders go out.

Milarky

bluebottle23 wrote: »

I have various direct debits & standing orders setup to come out my HBOS current account on the 1st of each month.

I keep the money in a HBOS savers account. If I set up a standing order from the savers account with a date of the first of each month will the cash reach the current account on the 1st (ie same day - instant transfer?) so everything will be paid?

Essentially, yes. Certainly the dates ought to line up correctly since, whenever SO dates would fall on a Saturday or Sunday, they are put back to the next working day on all accounts.

But you may have to ensure that your overdraft limit (plus any initial balance) can meet the 'pull' from the standing orders - never attempting to transfer more than your overdraft plus positive balance. You can't rely on the incoming transfer from the savings account being used to offset the SOs but that may be what happens in practice. You should ask HBOS for clarification on this.

Also, HBOS may simply not pay a SO if that takes you overlimit. Again - that point needs checking...

bluebottle23

Cheers. I could always just make them the day before - however the same problem will occur if its weekends. I think ill need to phone for confirmation.

cheers again

Mikeyorks

bluebottle23 wrote: »

so everything will be paid?

...... unlikely to work. Whilst internal SOs are 'instant' - how do you arrange that the websaver SO is processed before the debits coming out of your Current Account on the same day? You might know what you intend - but unlikely their overnight software runs think the same way?

And - if some of the debits are DDs - the money is required to be in the account the working day before

Mikeyorks

bluebottle23 wrote: »

I could always just make them the day before - however the same problem will occur if its weekends.

With hindsight ..... internal transfers are just that - they're not SOs. And Halifax run the transfers every day. So making the transfer the day before - isn't countered by a weekend / Bank Holiday.