standing order missing

solongmarianne

hello all,

I get my wages paid by standng order, they should appear in my account on mondays. however my account says no payment rcieved this monday.

my boss checked and confirmed my wages left his account on monday as usual but they have not reached me.

I thought standing orders take seconds to transfer, money cant just hang round in cyberspace can it?

never had it late before

any advice appreciated

Mark_In_Hampshire

Standing orders used to take about 3 working days, same as BACS payments.

Then the faster payments system was introduced which means the money changes hands within 2 hours.

I'm assuming that standing orders can go as "faster payments" and so arrive "instantly", but then sometimes, they may not, and then still take 3 working days.

The sometimes above might be: amount too high this time, recipient bank down, sending bank down, etc

EarthBoy

While some banks may have started sending standing orders by faster payments, a lot of them still send them by BACS, which takes 2-3 working days. My standing orders from First Direct still go by BACS, so presumably all HSBC standing orders do. Only one-off payments go by the faster payments system at the moment.

Mikeyorks

Highly unlikely you're paid by SO - unless it's exactly the same value every week(?). And if you pay tax / NI - it won't be. SOs even via FP are 'overnight' - as they're batched.

The more likely payment method is via BACS Direct Credit - which does credit the receiving account / debit the sending account on the same day. But, overall, it's a 3 day cycle.

But if it really is sent / received same day it can only be an immediate FP (not SO)

solongmarianne

I am classed as self emplyed, I paay my own tax ni ect ect

its always been the exact same amount religiously every week.

fp does show up next to the amount , what does tht mean?

Mikeyorks

solongmarianne wrote: »

fp does show up next to the amount , what does tht mean?

It means the credit was made by Faster Payment ..... so it should be in your account within 2 hours of leaving the sender account.

Notwithstanding it's the same value ..... it's unlikely to be an SO if it's leaving the sender account on a Monday and (normally) arriving with you same day. It will be an 'immediate' faster Payment.