Payment Timescales

jellybean12

Hi,


Bear with for the long post.....




Wondering if anyone can shed light on this as Halifax just keep fobbing me off!


Looking for some clarity around payment clearing timescales with different banks, as if a payment day falls on a weekend or non business day the day can change...


Scenario...


Person 1 banks with Halifax


Person 1's pay day is normally the 15th of the month.


If this falls on a Monday - Friday, then person 1 gets paid on the 15th.


If the 15th falls on a Saturday person 1 gets paid on the Friday before (14th)


If the 15th falls on a Sunday, person 1 gets paid on the Monday afterwards (16th)


Person 2 (works with person 1 for the same company)


Person 2 banks with Barclays / any other bank.


If the 15th falls on a Monday - Friday, person 2 gets paid on the 15th


If the 15th falls on any weekend day or non business day, they get paid the last working day previous to this (i.e the Friday 13th if the 15th was a Sunday.


This is also the same for ad hoc payments from the company (i.e expenses etc) these are usually paid on the Friday, but not in Person 1's account until the Monday, yet are in Person 2's account on the Friday.


Halifax keep telling me its to do with the sending bank and that's when they send the payment and don't seem to understand that they submit their payments at the same time to person 1 and to person 2, they also can't clarify why sometimes they get it right and the payment does indeed go in on the Friday.


My question is, is it because Halifax are just rubbish!


Thanks in advance!!

Lokolo

I believe Person 2 is getting the money but it hasn't infact fully processed. It will get processed the next working day but to banks, non-working days aren't days, so they just see the next working day.

i.e. A bank on Friday night will next see Monday. So Monday will be seen on Saturday and Sunday, appearing you have the money in your account.

I don't believe Halifax would sometimes put it in on the Friday and sometimes on the Monday, and I would suspect it would always come in on the Monday.

Not all banks and bs have this "feature" that payments going in on the next working day appearing at the weekend. Some do.

jellybean12

Hi,




Thanks for this, I have been through my statements for the last 7 months, sometimes they clear it on the day it is meant to go in (i.e the Friday) sometimes the Monday.


With the example of the 15th given, if it falls on a Sunday, Halifax always put it the following Monday, yet a colleague will always get theirs on the Friday (with a different bank)


If the 15th falls on a Saturday it will always go in on a Friday.


With the ad hoc payments, Halifax seem to have a mind of their own and put these in sometimes on a Friday, sometimes on a Monday, without a recurring pattern from what I can see. even though the sending bank will always send the payment on a Thursday ready for a Friday.

jellybean12

Lokolo wrote: »

Not all banks and bs have this "feature" that payments going in on the next working day appearing at the weekend. Some do.

I suppose my question should really be, which banks do have this 'feature' as Halifax certainly don't even though Lloyds do (I thought they were the same now?


Thanks again

agrinnall

Does it really matter? Whatever happens the money will be there on the first business day after the weekend - if you can't wait that long then I suggest you get an overdraft facility set up to cover you for the day or two until the funds are available.

jellybean12

No it doesn't really matter, I was just curious to know why it happened sometimes and not others.


Thanks for your suggestions for an overdraft, I don't need one FYI. I only asked a question on an open public forum as I thought someone might have the answer, I can see that you've pre judged my financial situation anyway....bravo on a pointless post!