Co-Op Standing Orders

davetheman

Does anybody know how long before the a standing is due to go out the money has to be in the account, have a standing order going out Monday and ideally will transfer money into the account on Sunday

PippaGirl_2

Depends how the money is being put into the account as the problem is usually with the method of sending. Some banks don't do instant transfers. My son will use his Natwest online banking to transfer money to me and it takes 3 days to get there. The problem is his end not with co-op as it does the same when he transfers to other non co-op people.

mynumber

Hi, I bank with Coop, a couple of months ago i made a mess of paying enough money in for dd, when i spoke to the bank they told me there has to be the funds in your account at least one full working day before its due to be paid out, that means for them to pay dd on Monday it had to be in the account today. If that was a problem they said i could ring my branch and ask them to put a delay on the payment till the day after. Hope that helps

K X

Janie4Now

I have transferred money over to/from my Co-op account via internet banking the day before on a number of occasions and have never had a problem. The important thing is that the money is in your account before their automated system processes the DD or Standing Order.

The only possible issue is that you cannot guarantee that your payment will get through on the faster system and if it doesn't, you do have a problem.

davetheman

Will be transfering from another co-op account, so should be instant transfer

Janie4Now

It should be an instant transfer then and I see no reason why you should have to transfer today rather than Sunday. All that matters is that the money is in your account in time for Monday payments.

But don't hold me to it

Suggest you keep a copy of the transfer confirmation just in case.....

GOLFER

Make sure it is in the day before the DD or |Standing order is ready to come out.

I recently left it late and thought it would be ok to transfer money on same day payment to cover my DD's

It didnt and i had to cancel all my DD's or be charged £15 per DD.

Most other banks will allow the DD's to go if youput funds in the same day as the DD's are due out but not the COOP.

Hope this helps

davetheman

Will be doing on Sunday so is the day before

alastairq

davetheman wrote: »

Will be doing on Sunday so is the day before

Be warned..I tried that a few years ago [with Co-op, from one account to another]...didn't have sufficient funds end of play on the Friday, with DD due on Monday....transferred funds from other account on the Sunday, thinking as you did.....ended up with a refused DD, and a bank surcharge.

Got the surcharge waived [and the red tick too]...when I rang during the week..[once I received the snottogram]...

Seems sufficient funds have to be in the account by end-of-play the previous working day.

Saturday strangely isn't a 'banking' working day....neither is Sunday!

So really, the balance you see on the Monday morning isn't the balance the bank see's!


This was for DD.......things might be different for a Standing Order.....check the rule book?

mynumber

alastairq wrote: »

Be warned..I tried that a few years ago [with Co-op, from one account to another]...didn't have sufficient funds end of play on the Friday, with DD due on Monday....transferred funds from other account on the Sunday, thinking as you did.....ended up with a refused DD, and a bank surcharge.

Got the surcharge waived [and the red tick too]...when I rang during the week..[once I received the snottogram]...

Seems sufficient funds have to be in the account by end-of-play the previous working day.

Saturday strangely isn't a 'banking' working day....neither is Sunday!

So really, the balance you see on the Monday morning isn't the balance the bank see's!


This was for DD.......things might be different for a Standing Order.....check the rule book?

ERR on the side of caution if you can transfer before i would do it, thats 2 of us that have had the same experience with coop, after being charged £15 its not a mistake i will make again. K X

alastairq

I only got charged £12!

Must've been one of their 'offers' weeks?