Help? I can't cancel a standing order a month before the next payment?

simmed

Just cancelled a standing order and HSBC said this:

YORKSHIRE_GUY

Their message is a little confusing. It might mean next month's paayment. I'd email them to check - and keep the response.

Gromitt

Try it tomorrow, it'll most likely work then.

If you try and cancel it on the day, banks sometimes think you are trying to cancel that days payment.

simmed

Oh right, that's probably it. Thing is that the standing order is gone now, disappeared.

So basically the standing order is cancelled and I can safely say that the payment isn't going to be taken on 1st of july?

jonesMUFCforever

Check on the next business day which will be Wednesday to be sure.

simmed

What exactly would I be checking?

In the "Standing Orders" section of my online HSBC, the standing order has gone

Escorcio

It's thinking you are trying to cancel today's payment
The standing order is now cancelled but it's letting you know that the one processed today has still gone through

YorkshireBoy

I believe SOs are processed at the end of the day in a batch.

That's probably why they say this in their SO help section in your secure area...

When will the standing order payments be received?

Standing orders to HSBC and first direct accounts will normally be received on the day the standing order is sent.

All other standing orders will normally be received by the payee's bank on the next working day after the payment is sent.

Unfortunately we have no control over how long the payee's bank may take to apply the payment to the payee's account.

...so you may have to wait until next Wednesday to check everything is OK.

MoneySaverLog

YorkshireBoy wrote: »

I believe SOs are processed at the end of the day in a batch.

So if a credit is due in on the same day as a standing order or direct debit which would be actioned first?

I always thought you had to leave a day between funding the account so you have cleared funds available (including any overdraft) to cover the outgoing payments as the debits may go before the credit hits the account otherwise.

Just thinking if I had a credit due in on the 2nd June for example, the next bank working day is the 6th given the unusual bank holidays together, leaving more than a day is probably more advisable but used the above as an example.

YorkshireBoy

MoneySaverLog wrote: »

So if a credit is due in on the same day as a standing order or direct debit which would be actioned first?

Always best to assume debit before credit.

Batching doesn't mean they debit your account at the end of the day. They'll debit at 00:01 (or whenever their banking day starts) but actually 'send' the money at some point later in the day.

An analogy may be the post room of a company premises. Everyone drops their outgoing letters in there throughout the day, but the Postman collects them sometime after 5pm when we've all gone home.