Watch out - Only 28 days in feb.

Paulieb_2

Hi All, New here.

Though you all might be interested in my friends dilemma recently. My friend and his girlfriend both get paid on the 26th each month, and then their money transfers to a joint account to pay their bills. Normally this is cleared by the 1st/2nd to pay all standing orders, etc.

Well last month they ran into trouble when only one lot of their salaries transferred in time, and the other did not complete until after the 2nd March. By the time they had realised this, their bank, A&L, had cancelled a DD and a standing order because of lack of funds in the account. So suprise suprise, the bank charged them £25 for each cancellation, so £50 in total!!

Then when the money transfer completed the day after, he was then able to contact the relevant organisations to sort out the payments. He did phone the bank who said it wasn't their fault. They refunded £25 but thats all!

I know its his duty to check the money is there for DD's and SO's, but seems a bit harsh to me.

Just interested in your comments and if anyone has heard of this type of thing before.

getmore4less

Just interested in your comments and if anyone has heard of this type of thing before.

incompetence in managing cash flow

very common.

focae

Watch out - Only 28 days in feb.

Happens every year..............excepting leap years of course

jazza77

getmore4less wrote: »

incompetence in managing cash flow

very common.

That's a little harsh getmore.

OP one thing for your friends to consider may be transferring funds by online banking rather than SO. Depending on the banks involved the payment may go through faster payments and be transferred same day. Different banks have different limits for faster payments, but I'm sure your friends' banks could advise them if they ask

Alternativelyl they could both have salaries paid into the account from which the DDs etc. come from and if they feel the need have a SO for the remainder to each of their separate accounts.

It's an easy enough mistake to make, but they do need to take some action to avoid the same happening next February.

hth

paulofessex

getmore4less wrote: »

incompetence in managing cash flow

very common.

A little harsh, after all the OP was only reminding/making people aware of the implications due to short month.

Old_Wrinkly

Someone should have reminded Sony ....

Mikeyorks

paulofessex wrote: »

A little harsh, after all the OP was only reminding/making people aware of the implications due to short month.

Not really. The Op's friends will also have problems in December and the odd other Bank holidays. Do we expect further warnings then ..... or are we having our proverbials pulled by yet another one post wonder?

paulmcerlean

Why does it take so long for them to transfer? Most banks transfer via FPS which takes no more than an hour at most.

It is not a secret that Feb has 28 days.

realaledrinker

paulmcerlean wrote: »

Why does it take so long for them to transfer? Most banks transfer via FPS which takes no more than an hour at most.

.

A&L still don't process standing orders via FPS

bengal-stripe

paulofessex wrote: »

A little harsh, after all the OP was only reminding/making people aware of the implications due to short month.

S/he posted it March 5th.

So keep it in mind for another 11 1/2 months, as next year's February will have 28 days again. :eek:

Inactive

I've made a note on my Calender, February has only 28 days.:D

You couldn't make it up... :rotfl::)