halifax standing order to 7%

Milarky

shazkhan111 wrote:

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

Yes potentially, if the SO tries to 'push' the money out before the websaver can 'push' money into it - but only if you maintain a nil balance in the current account. If your current account has enough money kept in it at other times to meet the payment due on the 1st then it should go through regardless of whether the SO from the Websaver is received or not.

I would assume that all SOs go together (i.e. they are run as a batch) so that credited funds received during a batch cycle cannot be used during the same cycle. I have a £500 O/D for instance. This will dip to -£250 as money is deposited in the RS. But the Websaver SO replaces this on the same date so that the balance goes back to '0'. Without that O/D I would have to have my Websaver credit the bank account one day in advance. Now if SO's through Halifax are subject to some 'Mon to Fri' restriction and not 7 days a week there would be the occaision when one date fell on a Sunday and held earlier payment back whilst the other would not be in funds in advance of the Monday and so the SO from it wouldn't proceed.

Do you keep at least the SO amount in the current account ahead of the 1st?

shazkhan111

im confused .... i have just cancelled the sto and done a manual payment from my halifax current to 7% .... but it didnt go immedialely .... wonder why.....what on earth is going on?

Mikeyorks

shazkhan111 wrote:

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?

The Halifax systems now run 7 days per week. But you are skating on thin ice by creating dependencies between accounts and on the same day and within the same Batch cycle.

You need them to process the Web accounts first - in order the money is in the current account .. by the time that is processed. Whereas I (hypothetically) have a SO from my current a/c on the 1st .... into my Web Saver to meet a bill payment on the 1st .. to my Credit Card !! So I need them to process current accounts first .... so one of us has a problem? Which is normally resolved by at least 1 days daylight between money arriving / departing an account.

In this case you have an easy solution. Just cut the Current account out of the equation - and pay your 7% Reg Saver direct from your Web account. The Halifax T&Cs say you can't do it ... but fortunately the software hasn't read the T&Cs .... so you can just set up a SO direct from the Web to the Reg Saver. Both mine and the OH's works that way.

Mikeyorks

shazkhan111 wrote:

im confused .... i have just cancelled the sto and done a manual payment from my halifax current to 7% .... but it didnt go immedialely .... wonder why.....what on earth is going on?

There is a 2000hrs cut off time for certain transactions - but mainly external to Halifax.

Have you got both the current and 7% accounts on your Portfolio?

shazkhan111

Mikeyorks wrote:

There is a 2000hrs cut off time for certain transactions - but mainly external to Halifax.

Have you got both the current and 7% accounts on your Portfolio?

yes both the current and 7% accounts on my Portfolio

Mikeyorks

Sorted??????

If it is .... don't forget to amend so you pay your Reg Saver direct from your Web account? No need to go through your current account as an intermediary.