Bank standing order delay...

claires_123

I wonder if anybody can help. I share a joint bank account with my boyfriend we both have standing orders to come out of our account & pay into the joint account that covers bills, mortgage, food etc. My money leaves my bank & is in our joint account the same day I am with Natwest bank. My boyfriends money leaves his account & doesn't get into our joint account for sometimes up to 5 days later! It is causing real problems because our direct debits are set up for the the 1st of the month, my boyfriends money leaves his account on the 28th & it doesn't get to our account until the 4th of the month sometimes. Does he have reason to complain? He is with Yorkshire Bank. I can't undestand where it goes for all those days when mine goes straight in.

Thank you!

dzug1

It looks as though Yorkshire Bank's faster payment limit for Standing Orders is only £25 so it will take 3 working days.

Twister84

Looks like the standing order is being paid using BACS instead of Faster Payment.

Who is your joint account with?

claires_123

Our joint account is with Alliance & Leicester.

opinions4u

A standing order will take 3 working days, unless your bank sends the payment via Faster Payments.

This is particularly fun over weekends and bank holidays.

Twister84

Just to add to what opinions4u said, the sending bank and the recipient bank both have to have faster payments enabled to let the payment go through on the same day.

Natwest to A&L is going through on time, yet Yorkshire Bank to A&L isn't, so the issue lies with Yorkshire Bank.

I'm not so sure if these are grounds to complain as it seems more of a system limitation. They will probably just ask him to change the date on your boyfriend's standing order - or he could move to a bank which has Faster Payments fully enabled.

claires_123

Thanks for all your help - I guessed it would be a case of changing the date - really annoying!

gt94sss2

claires_123 wrote: »

Thanks for all your help - I guessed it would be a case of changing the date - really annoying!

The Payment Services Directive comes into effect in January 2012.

From then transfers between all banks must be done by the end of the next working day - so even if they don't use faster payments, the position should improve.

Regards
Sunil