halifax standing order to 7%

shazkhan111

i have a halifax 7% regular saver......i have set up a standing order from my web saver to my current a/c on the 1st of the month and then into the regular saver also on the 1st.

I checked this morning and the money is in my current a/c but hasn't moved to the regular saver....the standing order is active ...

whats all this about?

Kilty_2

Surely the money can only be taken by Standing Order on a working day?

shazkhan111

but the money from the web saver moved over today (Sunday) so why didnt the money from the current a/c?

Kilty_2

Oh right sorry, I missed that bit..

Well I don't know then,

shazkhan111

lol thanks...anyone else have any ideas?

KTF

Check the dates of the SO again? My Lloyds SO from the current account to the reguar saver went out today.

Merlin139

I would not worry about it if it has not moved by COP Monday contact Halifax. Get them to chase it up.

You can move it across manually if you want and it is still allowed. Both the wife and I have had these and the money will not move until a working day.

I think if you check your dates on your Currant account the money may have moved from Web saver on 02/10/06. which is Monday not today.

shazkhan111

checked date ..... first (1st) very strange that one moves and the other doesn't

Milarky

Do you have a overdraft facility on your current account sufficient to cover the (£250?) amount you intend to transfer? If the current account moves the cash first and (like mine) has a nil balance then you will go into O/D before any balancing payment is received from the Websaver.

BTW my Nationwide has not moved a Standing Order to Abbey Regular Saver - due on 1st - and this makes me think something could be changing in the way SOs are being processed. As you may know BACS is due to speed up from the end of 2007, but one of the requirements of the new system is that SOs will only leave Monday to Friday (whereas 'single' payments will go on any day they are raised by the customer themselves) Before that system arrives however banks which have processed SOs (even internally) on the w/e will have to fall into line with others who only process SOs Monday to Friday.

And yestersday too I noted that Barclays (current a/c to RS) had dated a payment due to leave/arrive on 1st (today) with 2 October as the date.

Having opened a Lloyds Monthly Saver last week it was explained to be that they held W/e dated SOs over to the next weekday.

...so this could be associated with a general shift to speed up transfers next year methinks

shazkhan111

no i do not have an overdraft facility does this have a bearing??

homersimpson_3

have a halifax 7% regular saver......i have set up a standing order from my web saver to my current a/c on the 1st of the month and then into the regular saver also on the 1st. I checked this morning and the money is in my current a/c but hasn't moved to the regular saver....the standing order is active ...whats all this about?

With some banks standing orders only operate on a week day so if money to go out on first of month and first of month falls on a Sunday it will not go out until Monday. Also with some banks and building societies the current account will show as being deducted on one day but the amount will not be showing in the savings account until the next day. The computers update accounts overnight- no idea why.