Standing order question

poppie123

My OH has a standing order that goes into our join account on the first of every month.
Obviously today is the 1st but being New Years Day it hasn't gone in. Does anyone know when this will go into our account, will it be Tuesday?

Fairzo

I think it will be Tuesday as the next "working day".

benbranson

I would think it depends on the bank. I have 2 standing orders going from Natwest to Natwest and another from Natwest to Smile. Both scheduled for 1/1/11.

Both have credited the destination accounts today but are showing as leaving the Natwest account on 4/1/11.

Check internet banking on the joint account and see if the money has credited?

Mikeyorks

poppie123 wrote: »

will it be Tuesday?

Depends if your Bank is sending SOs via Faster Payment. Otherwise it may be much later in the week as it won't have left the source account yet .... as SOs (FP or not) don't work on weekends / Bank Holidays.

benbranson wrote:

I have 2 standing orders going from Natwest to Natwest and another from Natwest to Smile. Both scheduled for 1/1/11.

Both have credited the destination accounts today

......... in which case they're not going as SOs. As they're internal - they're being treated as internal transfers.

pmduk

It will depend on the bank. Natwest to Smile isn't an internal transfer as they're entirely different Companies

poppie123

Thanks for that. He has checked his account(Llyods) and it hasn't left yet hence why out joint account (Alliance and Leciester now Santander :mad:) has not got it yet.
Can i ask i have an arranged overdraft on the account that i have never used before but i have 2 direct debits due to go out on the 3rd and there will not be enough in the account to cover them(about £13 short) If OH standing order does not go in until the 4th because of the bank holiday does anyone know how much the charges are for going into the overdraft for 1 day.?
As i say i have never had to use if before so i have no idea.

Fairzo

Doubt that the DDs will go out on the 3rd as it's not a working day?

rb10

Fairzo wrote: »

Doubt that the DDs will go out on the 3rd as it's not a working day?

The BACS system only works on bank working days.

This means that all standing orders, direct debits and direct credits (e.g. salary or benefit payments) that would normally take place between 1st and 3rd Jan will instead go out on Tuesday.

The only exception is for transfers (incl. standing orders) between different accounts held at the same bank - these will normally go through on the 'correct' day.

meher

Direct debit payments have gone out promptly, yet standing orders from a Santander account haven't reached my account. How come direct debit payments work on holidays but not standing orders. And the culprit is the usual suspect, Santander, not honoring the standing order arrangements agreement. Thankfully I'm not overdrawn because I've never trusted Santander, I always keep a lumpsum in my current account to deal with my direct debit payments.

gt94sss2

rb10 wrote: »

The only exception is for transfers (incl. standing orders) between different accounts held at the same bank - these will normally go through on the 'correct' day.

That is what I would expect as well - though interestingly neither my regular internal HSBC or internal Lloyds standing orders have been actioned today.

Regards
Sunil

Mikeyorks

pmduk wrote: »

It will depend on the bank. Natwest to Smile isn't an internal transfer as they're entirely different Companies

Apologies I was still half asleep from a late night ..... and missed the Smile bit. Only explanation is that it isn't a SO ....... they're having the day off. As they do every weekend and Bank Holiday.

poppie123 wrote:

He has checked his account(Llyods) and it hasn't left yet hence why out joint account (Alliance and Leciester now Santander :mad:) has not got it yet.

You must have the problem every time the 1st falls over a weekend? SOs don't work on weekends / Bank holidays ..... they never have. It's nothing to do with the Bank.
Do an 'immediate' Faster Payment (if OH's account supports it) as that's the only credit that will move today ..... to cover the shortfall of £13?