standing orders

LindseyandMatthew

does anyone know how these work? I have one that was due out todat 30th and one due out tomorrow 1st. The one for tomorrow is on my online bank statement already as gone out but the one for today hasn't? The one for today is still set up and showing as payment due out today

skyrider007

Direct Debit and Standing Orders may go out of your account +/- 3 working days from the date specified. Always leave an ample amount of time and balance in your account to ensure that you are not overdrawn when expecting DD/SO to go out.

LindseyandMatthew

thanks for your reply, I have plenty in for them just wondered why the later one had gone already lol. As long as they both go out I will be happy :rotfl:

Mikeyorks

It hasn't 'gone' ...... if you look at the statement it will be dated for 1st Dec? For some reason the bank software is picking the Monday one in advance (as most, except Halifax, appear to do - in particular with DDs) and reserving the funds. But won't pick the weekend ones until overnight Sunday.

Thomas_Crown

skyrider007 wrote: »

Direct Debit and Standing Orders may go out of your account +/- 3 working days from the date specified.

The ''+/- 3 working days'' doesn't seem correct.

Standing Orders are paid on the specified date or on the first working day after, if the date falls on a weekend/bank holiday. Direct Debits are claimed by the third party ''on or soon after'' the specified date allowing for non working days of course.

The money should never leave the customer's account before the specified date.

YorkshireBoy

Thomas_Crown wrote: »

Direct Debits are claimed by the third party ''on or soon after'' the specified date allowing for non working days of course.

The money should never leave the customer's account before the specified date.

Not true.

Capital One and John Lewis credit card direct debits are collected the "working day BEFORE" if the due date falls on a weekend/Bank Holiday.

Thomas_Crown

YorkshireBoy wrote: »

Not true.

Capital One and John Lewis credit card direct debits are collected the "working day BEFORE" if the due date falls on a weekend/Bank Holiday.

It isn't as simple as that!

The ''due date'' is just the date that the credit card company requires the customer to pay by to avoid charges etc. The monthly statement will normally state something like ''your monthly payment will be collected by direct debit on the **th December'' (usually 5 - 7 working days before the due date). With Tesco/RBS it's 5 working days.This is the specified date for the direct debit not the due date.

YorkshireBoy

Thomas_Crown wrote: »

The ''due date'' is just the date that the credit card company requires the customer to pay by to avoid charges etc. The monthly statement will normally state something like ''your monthly payment will be collected by direct debit on the **th December'' (usually 5 - 7 working days before the due date). With Tesco/RBS it's 5 working days.This is the specified date for the direct debit not the due date.

I've had well over 20 credit cards in the last 4 years and I've never known a direct debit collection date to be 5-7 days different from a payment due date.

And I've had Mint and Ulster, both of which are from the same RBS stable as your examples above.

And back to my original point, Capital One say "one or around" (which in practice means up to 3 days before) and JLP say "on the working day before" (if the payment due date falls on a non-working day).

noh

No YorkshireBoy is correct in the case of CapOne.
The due date being the date they state the DD will be taken
My latest Capital One statement says

"Your payment of £X49.07 will automatically be taken from your nominated bank account on or within 3 working days

of 10/12/08, so you do not need to send a payment."

So payment could be taken any time between the 5th and the 13th. In practice they do as YB says take the DD the working day before the stated date if that date falls on a weekend or Bank Holiday.