Which banks offer weekly standing orders

jonesMUFCforever

I know but if you don't have the funds available to pay as OP indicated he has budgeting issues you will get charged for an unpaid standing order.
With a FP you get control because you will only get to pay it if you have the funds available.

mgdavid

jonesMUFCforever wrote: »

You might have heard of a faster payment?
Yes you have to make the effort of logging into your account and actually sending it (making sure you have the available funds) but this beats having charges for payments not made and then two payments going through the following week. (This is how LTSB works anyway - a failed S/O on day 1, the bank will try again for up to 28 days and as soon as available funds are available will send the payment. For someone like original OP with budgeting difficulties this will not help them one bit.)

Again, you are simply guessing and not helping at all. If the OP's 'difficulties ' are that they keep forgetting to make payments on the correct day then an SO is perfect for them. For all you know they may have hundreds or even thousands in the account, just a poor memory.

thenudeone

jonesMUFCforever wrote: »

IMO it is good business practise not to offer this ancient method of payment where there are better options available.

So exactly what "better option" allows me to pay my teenage kids their £5 clothing allowance every week without fail even without me having to log in every week and do a new payment?????

There must be some new payment method I wasn't aware of.;)

izools

We appear to a have missed a trick here.

Why not set up several monthly standing orders, staggered? Effectively then having a weekly amount sent out. Well, near weekly anyway.

innovate

thenudeone wrote: »

So exactly what "better option" allows me to pay my teenage kids their £5 clothing allowance every week

Are they old enough to learn about budgeting with a monthly payment? They might blow their allowance for the whole month in the first week, but they might not do this very often when they realise the consequences. And they might not blow it at all if they are given help with budgeting.

When they start working, they might well be paid monthly rather than weekly. They will no doubt be very greatful to their parents if they have been thought how to budget.

dalesrider

jonesMUFCforever wrote: »

I know but if you don't have the funds available to pay as OP indicated he has budgeting issues you will get charged for an unpaid standing order.
With a FP you get control because you will only get to pay it if you have the funds available.

As well as the fact you really should be checking your account on a regular basis to ensure no one else is spending it....
Or you are close to your limit.

dalesrider

thenudeone wrote: »

So exactly what "better option" allows me to pay my teenage kids their £5 clothing allowance every week without fail even without me having to log in every week and do a new payment?????

There must be some new payment method I wasn't aware of.;)

Same as my parents did......

Cash out of wallet :rotfl:

Seriously £5 a week for clothing.... :cool:

jcpcelt

jonesMUFCforever wrote: »

You don't need standing orders these days just use faster payments - send the money when it is there in your account and this way you can't be charged for a returned S/O if you make a mistake.

To answer your question Lloyds TSB will let you set up a weekly S/O but will charge you £10 if you don't have the cleared funds in your account - you don't get until 3.30 to pay on on the day - the funds have to be in the account the day before.

Not correct sorry. You only get charged if you miss consecutive attempts to make the payment, so in effect you can pay in by 3.30pm (actually with a SO you could do so as late as 9pm in preparation for the 10.30pm run of uncleared effects or 'UNC').

So for example, I miss my SO payment on Monday, Lloyds will not charge me, but if I miss it again on Tuesday (as they will try to repay the item for 30 days) then I will be charged, but I will also only get that one £10 charge no matter how many subsequent days over and above the second day that I might miss it by.

If on the other hand I missed it on Monday but covered it on Tuesday, then the SO will be paid out on Tuesday and I will not be charged.