Halifax insufficient funds for SO - fee?

Beckyy

We have SOs set up from our main CAs (Reward Current Acc) to bills accounts etc. I didn't realise mine was set up to come out today and I'm not paid until tomorrow. Quickly logged in and corrected them all to tomorrow this morning.

Will I be charged any fees for having insufficient funds today?

Can't find a single thing on their website about it! Just about Returned item fees for easycash and other accounts but not the Reward Current Acc that I have.

OH's had already gone through from his account so I'm assuming they'd 'tried' mine.

agrinnall

Yes, SOs are processed in the early hours of the morning, so they will have tried to make the payment from your account. I'm not certain about charges but I doubt whether the bank will levy any for a failed SO, although it's possible that the payee could charge a late payment fee (I'd argue it if they do if it's only a day late).

Actually, your SO *might* fail tomorrow too, depending on when your salary comes in and in what order your bank processes incoming and outgoing payments. If it was me I'd cancel the SO, make a single payment today to replace it, then set up the SO for next month for at least a couple of days after the date your salary is due (and preferably 4 days to allow for the longest period of non-banking days should Easter fall at the end of March - actually, I guess for Christmas too as December 28th can be a non-banking day).

YorkshireBoy

Beckyy wrote: »

Will I be charged any fees for having insufficient funds today?

If they refuse the payment there's no fee payable.


If they make the payment* the fee depends on the amount and the number of payments made. Minimum £10, but if there's a few payments it could be £50.

Can't find a single thing on their website about it! Just about Returned item fees for easycash and other accounts but not the Reward Current Acc that I have.

http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/?pagetabs=4


* The T&Cs (condition 6.2[k]) say you need to cancel the SO by the end of the previous working day.

Beckyy

Thanks Yorkshire boy! So in laymans terms, because the money never left my account (no planned OD) it was them refusing the payment and therefore there is no charge as per that table?

I take it I would have to have a planned OD for them to make the payments.


Agrinnall, It's only to myself so no worry about the payee making a charge!

I normally have it set to go through the day I get paid and have never had any bother with SO going out before wages go in (yet!)

The problem that caused it that I'm paid on a day rather than a date which isn't useful when you're setting up SOs and can mean they dates don't match up (like this month!).

agrinnall

In that case you either need to do the transfer manually each month or keep the SO but vary the date to match when you get paid.