Standing order date changed by bank

mememomo

Hi All,

Hopefully I can get some answer from here.

I opened my regular saver account on Oct 2009 and set up the standing order date on 28th every month.

When I received my first statement, I saw the standing order date on 28-Oct. It was correct and without any problems.

But, when I received my second statement, I only saw the standing order date on 30-Nov. I have never inform the bank to change the standing order date and I have enough amount on this saver account. Will it be a problems ? Will it count on late payment ? Will it directly effect the interest rate after 12 months?


Please, I need some help .

glider3560

28th November was a Saturday. 30th November is the next working day.

mememomo

Hi glider3560,

Thanks for your reply.

But I got confused, my bank also work on Saturday. In this case, they should be clear the standing order on 28th Nov (Saturday). Not 30 Nov (Monday). Am I right ?

glider3560

mememomo wrote: »

Hi glider3560,

Thanks for your reply.

But I got confused, my bank also work on Saturday. In this case, they should be clear the standing order on 28th Nov (Saturday). Not 30 Nov (Monday). Am I right ?

Even if the bank is open, Saturday isn't treated as a working day for standing orders, so it won't be paid until Monday.

mememomo

The standing order for the NOV was on 30 (Monday).
So, will it count on late payment or missing payment on 28th Nov ?
Will it directly effect the interest rate after 12 months ?

glider3560

It all depends on the terms of your account. Which bank do you have the regular saver with?

Biggles

If it's for a monthly saver that you must fund each calendar month, it's a very bad idea to have the SO near the end of a month.

In February, for example, the 28th is the Sunday, so the SO can't even leave your account till Mon 1 March. Change it to a week or so earlier to make sure the funds can always get through.

mememomo

glider3560 wrote: »

It all depends on the terms of your account. Which bank do you have the regular saver with?

Do you mean the terms and condition ?

anamenottaken

mememomo wrote: »

Do you mean the terms and condition ?

If you tell us which regular saver it is (that is name of the account, name of the institution, and the date that it shows receipt of the first payment AND the name of your bank), we can try to work out whether you have broken any terms.

That is because some regular savers allow you to miss payments, some want payments related to account month, not calendar month.

But you can look at the conditions yourself.

mememomo

anamenottaken wrote: »

If you tell us which regular saver it is (that is name of the account, name of the institution, and the date that it shows receipt of the first payment AND the name of your bank), we can try to work out whether you have broken any terms.

That is because some regular savers allow you to miss payments, some want payments related to account month, not calendar month.

But you can look at the conditions yourself.

What is ' some want payments related to account month, not calendar month.' ?

Biggles

mememomo wrote: »

What is ' some want payments related to account month, not calendar month.' ?

Read the Terms & Conditions of the account, they will explain it you you.