Bank took standing order late

YorkshireBoy

Gromitt wrote: »

D+3 = BACS. (No longer allowed)

With very few exceptions (ie smaller building societies using collection accounts), BACS was D+2.

jennifernil

Thanks. So a SO from Halifax to First Direct should arrive by the next day at the latest?

Is that only if the next day is a bank working day?

NFH

jennifernil wrote: »

Thanks. So a SO from Halifax to First Direct should arrive by the next day at the latest?

Is that only if the next day is a bank working day?

See Regulation 70(1) of the Payment Services Regulations 2009 which states "Subject to paragraphs (2), (3) and (4), the payer’s payment service provider must ensure that the amount of the payment transaction is credited to the payee’s payment service provider’s account by the end of the business day following the time of receipt of the payment order."

vindicated

The main issue has been resolved I think - but just to reiterate, I feel it's best to arrange payments to come out after the fourth as if the banks holiday lands on a weekend they are entitled to take that day in lieu therefore meaning the third is classed as a bank holiday and therefore normal service doesn't resume until the fourth!

It covers your back in circumstances like this as the bank won't accept responsibility in these cases (they may do as a gesture of goodwill but are not obligated)

I'm not getting involved in fp etc - but the above is how it works within the banks regardless of fp

NFH

vindicated wrote: »

The main issue has been resolved I think - but just to reiterate, I feel it's best to arrange payments to come out after the fourth as if the banks holiday lands on a weekend they are entitled to take that day in lieu therefore meaning the third is classed as a bank holiday and therefore normal service doesn't resume until the fourth!

Not true. The OP instructed payment on 1st, which was a Sunday. The 2nd was a bank holiday. Therefore the bank should have made payment on Tuesday 3rd which was the next working day. There is no excuse for this bank error.

vindicated

I'm sorry but you're wrong, the third was NOT a working day it was a bank holiday taken in lieu due to the official one landing on the weekend

Mikeyorks

NFH wrote: »

Therefore the bank should have made payment on Tuesday 3rd which was the next working day..

They did. And it arrived on the 4th .... as designed.

YorkshireBoy

vindicated wrote: »

I'm sorry but you're wrong, the third was NOT a working day it was a bank holiday taken in lieu due to the official one landing on the weekend

The 3rd Jan was a Tuesday! Mon 2nd was taken for Sun 1st.

YorkshireBoy

Mikeyorks wrote: »

They did. And it arrived on the 4th .... as designed.

As per post #27...but NFH seems to believe otherwise. Why?...I'm not quite sure when presented with the facts?

vindicated

http://m.direct.gov.uk/syndicationController?action=subcontent&param=DG_073741&section=3&utn=e0e1cdff3f1749f8a647201201061823

Confirms what I said and that I am giving the correct information. Please don't give out info without facts to confirm as it misleads others