Standing Orders - when is it taken?

charlie792

I have a standing order set up to go out on the 27th of each month.
Normally I transfer my money from one account to another in time for it to go out each month, however my usual bank account refuses to let me transfer any money now until tuesday Im assuming because of the bank holiday.

The question is, will the standing order actually go out today (not enough money in the account if it tries to) or will it not actually be processed now until tuesday when my money should actually get there?

YorkshireBoy

Funds will generally be 'earmarked' today, and so affect your available balance, but will be sent on Tuesday 30th.

If you bank online you should be able to confirm this. If the available balance doesn't reflect the SO value its highly likely the transaction has been/will be declined and you'll be looking at an unpaid item fee (because you didn't have cleared funds available at close of business on the previous working day, ie Friday 26th).

To get specific advice you'll have to say which bank it is.

jalexa

charlie792 wrote: »

my usual bank account refuses to let me transfer any money now until tuesday Im assuming because of the bank holiday.

Have you acually tried to post the transaction rather than just looking at the date?

A Faster Payment should go regardless.

dzug1

Depends on your bank

It will probably be processed first thing Tuesday, before your deposit is processed.

However some banks will allow the deposit to count for available funds.

Could you pay in cash today?

pqrdef

The story should be the same as it always is whenever the 27th falls on a Saturday, though that hasn't happened since November last year.

The holiday doesn't change anything except that Tuesday becomes the new Monday.