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Standing Order Times
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2006Kuredu
Posts: 65 Forumite
Hi All
Wondering if someone could help please, Ive decided to go from the very easy world of 1 joint account that we were paying £25 per month for to the following
Halifax Reward Account Each (salaries go in to this to get £5 each)
Santander 123 Account for bills (to get cashback)
Lloyds Account for mortgage payment (its a requirement)
So, now we need to arrange to transfer money from the Halifax accounts to both Santander and Lloyds each month - We both get paid "last working day of the month" and the mortgage goes out on the 1st Month.
Im going to have to speak to LLoyds to see if I can get this date changed, but just so I know I have a "buffer" does anyone know how long standing orders generally take to land at the other banks, also, if I set the standing order up for the last day of the month would this come out before or after salaries are paid in?
Thank you
Wondering if someone could help please, Ive decided to go from the very easy world of 1 joint account that we were paying £25 per month for to the following
Halifax Reward Account Each (salaries go in to this to get £5 each)
Santander 123 Account for bills (to get cashback)
Lloyds Account for mortgage payment (its a requirement)
So, now we need to arrange to transfer money from the Halifax accounts to both Santander and Lloyds each month - We both get paid "last working day of the month" and the mortgage goes out on the 1st Month.
Im going to have to speak to LLoyds to see if I can get this date changed, but just so I know I have a "buffer" does anyone know how long standing orders generally take to land at the other banks, also, if I set the standing order up for the last day of the month would this come out before or after salaries are paid in?
Thank you

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Comments
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If its an old type standing order it can take up to three days but most banks use the faster payment system which go in on the same day.
I got that from Google.0 -
Thanks all transfers will be from a Halifax reward account if that helps?0
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You can't set up a "last working day of the month" standing order at Halifax, so it'll have to be the 1st of the month.
Suggest you either set up an overdraft at Lloyds (equal to your mortgage payment value), or maintain a float in there.
How is the mortgage payment collected? If by DD you may be OK for weekends/Bank Holidays, but if by internal transfer it could go on a weekend/Bank Holiday if the 1st falls on such a day.
But having said all that, putting the mortgage payment date back a few days is probably the best approach.
An alternative would be to have both your salaries paid into Lloyds and transfer your personal spends out to your own Halifax accounts.0 -
If its an old type standing order it can take up to three days but most banks use the faster payment system which go in on the same day.
I got that from Google.
What is "an old type standing order" and how do you recognise one?
What date does the information you googled have, and who is the information from?0 -
What is "an old type standing order" and how do you recognise one?
What date does the information you googled have, and who is the information from?
I was trying to make it simple. I meant the back system.
From wiki:In 2008 a number of banks began to introduce Faster Payments as the method of transfer for standing orders when available, in place of the slower BACS system; with this method payments reach the receiving account the same day, rather than after a delay of three days or more.
I know anyone can edit it but I guess its right as I have had to do standing orders before.
When you process the payment it will appear on the statement as bacs or faster payment.0 -
Since 1st January 2012 all standing orders use the faster payments system.
This is to comply with the Payment Services Regulations.
http://www.legislation.gov.uk/uksi/2009/209/pdfs/uksi_20090209_en.pdf0 -
Standing orders still generally take 3 days to process through as they use the BACS system
http://moneyfacts.co.uk/guides/banking/what-is-a-standing-order170611/
and http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm
0 -
Standing orders still generally take 3 days to process through as they use the BACS system
http://moneyfacts.co.uk/guides/banking/what-is-a-standing-order170611/
and http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm
The FOS website was correct...back in 2004 when the article was written. Moneyfacts have just been incredibly lazy in not updating their website (but do attempt to cover this up with the disclaimer, which you missed).
That's the rubbish out the way.
A question for you...do you have two current accounts with online access? Reason being I'd like you to conduct a little experiment with £1.
If you don't have 2 current accounts, or don't have £1(!), then maybe read this...
http://www.fasterpayments.org.uk/about-us/benefits-faster-payments0 -
Standing orders still generally take 3 days to process through as they use the BACS system
http://moneyfacts.co.uk/guides/banking/what-is-a-standing-order170611/
and http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm
This is nonsense.
OP - under the Payment Services Regulations 2009, a bank is breaking the law if it your money does not arrive by the end of the next working day. For this reason, most Standing Orders will leave your account early on day X and arrive minutes/a few hours later where they are meant to be. In exceptional circumstances there can be processing delays and it will take most of a working day, or even the next day.
Bacs is no longer used for standing orders (there are some potential quirks for very small banks/building societies/odd sort-codes and for payments over 100k where Bacs or CHAPS might be used - none of this is relevant in your case).0 -
Standing orders still generally take 3 days to process through as they use the BACS system
http://moneyfacts.co.uk/guides/banking/what-is-a-standing-order170611/
and http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm
The URL of your link suggests the information is from some time in 2011 so not very relevant now, and from before the document noh linked to.
I have SOs with literally all UK banks and also with Nationwide and all those SO payments have been arriving on the day they were sent. According to statistics from the Payments Council, the almost 330 million SOs issued in 2014 from personal and small business accounts have all been processed by Faster Payment (which must arrive by the end of the next business day unless it is a suspect transaction). A comparatively minor amount of 18m business SOs has been processed by BACS.
Please share which of your SOs from your private UK (not Jersey) accounts still take 3 days.0
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