Halifax standing orders

jennifernil

Are standing orders to another bank sent by faster payment?

samjef11_2

jennifernil wrote: »

Are standing orders to another bank sent by faster payment?

Taken from the Halifax Website

Standing order payments

Where possible we will send standing orders from your Halifax or Bank of Scotland bank account through the Faster Payments Service. As a result, payments may arrive in the receiving account on the same day they leave your account. You don't need to do anything to send your standing orders faster; we do this automatically.

And have a look here for all the banks that accept the faster payments and their limits amounts.

rb10

samjef11 wrote: »

And have a look here for all the banks that accept the faster payments and their limits amounts.

That link is the most useful link to give when answering this question - just not in the context that you've put it.

The link shows which banks send faster payments, not accept them.

So scrolling down to the Standing Order section, and finding Halifax in the list, we see that SOs of up to £25,000 will be sent by Faster Payments.

jennifernil

Thanks, that was what I thought, but my branch is adamant that they are not and that I need to allow at least 2 working days. I am sending from Halifax to First Direct.

They seem to give themselves a "get out" .......


"Where possible we will send standing orders from your Halifax or Bank of Scotland bank account through the Faster Payments Service. "


So is it wise to rely on it going by FP?


When I go into my internet banking to send money to another account, I usually am doing it immediately so it does go by FP, but if I set up a future payment for a particular date, will that go by FP too?

rb10

jennifernil wrote: »

So is it wise to rely on it going by FP?

Depends on how critical it is.

I'd trust it to work 99% of the time. But there's still that one-in-a-hundred chance that it'll go via BACS. And that could be due to a problem with the FP system at Halifax's end, First Direct's end, or in the central FP system.

Venusflytrap

My husband and I opened an account with Halifax in April this year and set up a SO for our rent to go out the day it was due (as we always did when with HSBC), my landlady called to say she hadn't been paid. Then we learnt that SOs take up to 3 working days to clear.

Not sure if anything's changed since - probably worth asking Halifax - but it does seem that there is no guarantee; sometimes SOs go with FP and sometimes they don't. We now leave 3 working days for payments and if they get there earlier, fine, and worst case they'll reach on the due day.

rb10

Venusflytrap wrote: »

My husband and I opened an account with Halifax in April this year and set up a SO for our rent to go out the day it was due (as we always did when with HSBC), my landlady called to say she hadn't been paid. Then we learnt that SOs take up to 3 working days to clear.

Not sure if anything's changed since - probably worth asking Halifax - but it does seem that there is no guarantee; sometimes SOs go with FP and sometimes they don't. We now leave 3 working days for payments and if they get there earlier, fine, and worst case they'll reach on the due day.

Their systems changed in September; prior to that the limit for SOs was significantly lower than the current £25k.

I guess your landlady also banks with HSBC, since until a week or two ago their Standing Order FP limit was a miserable £50.

Catslovelycats

I never take the risk anymore after being caught out with payments not arriving next day.
When you set up a SO it does say allow 3 business days.
In-house SOs though I think go through same day.
But as I say, I don't risk it anymore. Yes, am probably being over cautious...

Zorz_2

rb10 wrote: »

The link shows which banks send faster payments, not accept them.

This will do for the receiving end:

http://www.paymentscouncil.org.uk/resources_and_publications/sort_code_checker/

Mikeyorks

jennifernil wrote: »

Are standing orders to another bank sent by faster payment?

Unless you're doing it on a very regular basis - why not set it up as a bill payment? And give it a push when you need it. That way - assuming the target account is receptive - you know it will be FP.

jennifernil

I would like to set it up as a SO so I don't have to worry about it when we are abroad for a few months as we do not always have internet access to arrange payments.

The SO to FD is to cover a payment into my regular monthly saver, so it needs to be in my FD account before the 24th of each month as the transfer to the RS is on the 24th of the month.

I have set up a payment to the FD account, so I can make payments as required when here, but need to cover 2 or 3 months when we are away, either by SO or by future dated payments.