Transfer money between accounts timescale LLoydstsb

multiflorum

Wonder if anyone could advise on banking timescales

I have a standing order which normally goes out on 23rd of each month to cover my rent.

With the 23rd falling on a Sunday this month I assumed that the bank would pay the order on Monday 24th. I transfered money from one Lloyds account to another Lloyds account on Sunday evening and assumed everything would be fine.

Got a letter today dated the 24th to say that they were charging me £10 as were unable to pay standing order due to insufficent funds. Phoned CS and was told that the standing order would have been paid at approximately midnight and on this occasion the money I transfered had not cleared even though it was showing as available funds when I did the transfer on the Sunday

Everything paid now but just curious as to when transactions are taken from and too accounts

YorkshireBoy

You should have transferred the money across before 12:00 noon on Sunday...

http://www.lloydstsb.com/internet_banking/payments.asp (click 'limits and timeframes' and then scroll down to the bottom)

multiflorum

Thanks for last post very interesting.

Looking at the FAQ section though doesn't mention working days for transfers between personal accounts only for business

"Transfers made between your own personal accounts will be made right away. For business accounts, if you request a transfer before 5.30pm on a working day, we can complete the transfer overnight. If it's after 5.30pm, or on a non-working day, we'll complete it at the end of the next working day".

Milarky

It's a shame that the decade-long introduction of 7 day (immediate) payments didn't take into account (or anticipate) the reality of 5 day bank settlement. It's like the banks being 'open' on Saturday morning and pretending to process payments whereas in reality they might as well put everything in a box marked 'Do on Monday'.

[Of course they've kept their charging/billing operations very sleek-healed!]

Madison

Another reason why I left LloydsTSB. First Direct transfer the money between accounts at midnight on the day you schedule it for so there's no such problems. You can also draw at £500 per day from and ATM with this account.