How long for standing order to arrive?

jamja

Hi there,

I have a couple of standing orders set up to go on the last day of the month - one to transfer money to our joint bos reward account and one to transfer money to my nationwide flex account. Having spotted that the last day of the month fell on the weekend I phoned up bos to see what impact this would have as d/ds were due out of the joint account on the 1st and also I was going to be £50 short of the £1000 I need to deposit for the reward. The gentleman at bos assured me that although the s/o would not go through until Monday the 2nd, neither would the d/ds.

He did confirm that I was short by £50 for my reward total and offered to transfer money from my other account. I said I would do it myself as I needed to move money about and checked that it would tranfer instantly. He confirmed this. However, when I transfered from one bos account to my joint bos account the transfer was dated 2nd July. Do you think that this will be 'corrected' back to Saturday's date? Transfers between bos accounts have always been instant as far as I was aware....

So today I checked my Nationwide flexaccount and the s/o to it has not arrived - it has left my bos account dated 2nd July (set up for 30th June), but not appeared. I am presuming that it is processed by faster payment so would they have up until the end of today to put it in? Is there a set 'time' that Nationwide process things by? Lunchtime would be nice as I am out this afternoon.....:)

Thanks for any words of wisdom

pqrdef

jamja wrote: »

The gentleman at bos assured me that although the s/o would not go through until Monday the 2nd, neither would the d/ds.

That advice seems optimistic. You have no control over the timing of a DD, and neither does the bank. If the payee wants the money strictly on or before the due date, and the due date is a Sunday, they're quite within their rights in timing the claim so the money goes out on Friday morning.

In any case, DDs go out early in the morning and the funds to cover them are generally supposed to be in the account by the close of business on the previous working day, i.e. Friday for a Monday payment. Banks vary in how tolerant they are of funds arriving late.

Standing orders are pretty useless for last-minute payments. To cover a long weekend, they need to be set up to go 5 days before the payments they have to cover.

Hooloovoo

jamja wrote: »

Thanks for any words of wisdom

Yes, this:

pqrdef wrote: »

Standing orders are pretty useless for last-minute payments. To cover a long weekend, they need to be set up to go 5 days before the payments they have to cover.

pqrdef is correct.

You really need to make sure the SO that funds the DDs is not so close to the date of the DDs.

Like you, I have a SO to my bills account that goes out on the last day of the month. If the last day of the month is a Saturday, and it's also a long weekend (potentially with both Monday and Tuesday off) then the earliest any DD can be safely called is the 5th.

To be extra safe, I don't have any DDs set for earlier than the 8th.

jamja

Thanks for the replies :-)

Covering the d/ds wasn't my major concern as my OH also had money going into our joint account, and his s/o was set up back in the good old days before lloyds and everyone else got hold of bos - there used to be an option to set up s/o to come out on the last WORKING day of the month, so his money transfered in on the 27th. Mine used to do that but I switched my d/d and s/s when I opened my Nationwide account and when I moved them back that option wasn't available any more. Its really handy that my OH's account still works like that though!

So the aspects of this weekend I am more concerned about are the potential loss of my £5 reward because my bos to bos transfer of £50 doesn't appear to have gone through on Saturday as it it dated Monday. Can anyone confirm whether bos internal transfers are instant - even over the weekend?

Also has anyone shed some light on the timings on when s/os are credited into accounts due to the fact that my s/o to Nationwide has left my bank account but not appeared at the Nationwide - gulp!

jamja

Woo hoo! Nationwide money is in. 9am is too early, but 11am is ok. I just need to be a bit more patient.

pqrdef

jamja wrote: »

So the aspects of this weekend I am more concerned about are the potential loss of my £5 reward because my bos to bos transfer of £50 doesn't appear to have gone through on Saturday

Saturday is a strange sort of day. For some purposes it's almost an ordinary day, and for other purposes it doesn't exist, it's just early Monday or possibly late Friday.

How it works for reward payments isn't an experiment anybody would want to try, in case it doesn't work and they lose £5 for nothing. But you've tried it now, so if you report back tomorrow, we'll know the answer.

jamja

Just to let anyone who is interested know, I did receive my £5 reward :-)

The transfer I did is still showing as having gone through on 2nd July, but as it was an internal transfer done on 30th I am guessing that BoS must have this recorded as internal transfers are supposed to go through instantly. I am relieved as I have had the account for 2 and a half years and not missed a fiver yet!