Woman gets her daisy-chain SOs wrong

msallen

I have to echo the daft cow sentiment.

Lets face it, what we do is hardly rocket science, but it does require an IQ larger than your shoe size.

TheTracker

Set up SOs to occur 4 weekly on a Wednesday. The next planned Wednesday bank holiday in England and Wales is Boxing Day 2018. Mine are all on the same day, except for those that feed RS's.

4 weekly SOs also help me reconcile against my account management software Which doesn't have the smarts to know SOs don't happen on a weekend.

anoncol

TheTracker wrote: »

Set up SOs to occur 4 weekly on a Wednesday. The next planned Wednesday bank holiday in England and Wales is Boxing Day 2018. Mine are all on the same day, except for those that feed RS's.

4 weekly SOs also help me reconcile against my account management software Which doesn't have the smarts to know SOs don't happen on a weekend.

That's quite a good idea to use 4 weekly instead. I do it manually though.

Goldiegirl

Must have been a slow news day


'WOMANS STANDING ORDER FAILS'


Wow.... not

Archi_Bald

adindas wrote: »

Not many banks alow you to do a four-weekly SO.

Tesco, Lloyds, TSB, Halifax, BOS, YB/CB, FD, Nationwide and Santander do, and the rest probably as well.

masonic

adindas wrote: »

if you do not keep your eye on and do adjustment, your SO will fall into the same calendar month then your previous SO at some point in the future. Which mean you are paying twice for the same month

Yes but would that ever be a problem? Four weeks from that second payment would always fall within the following month, would it not? It would only be a problem if one month were missed entirely, which would seem to require that month to be less than 4 weeks in duration.

anoncol

adindas wrote: »

It shall read NOT ALL Banks allow four weekly standing order.

HSBC for instance does not allow this.
I remember their associated bank e.g. First direct, M&S. But have not check this one recently ...

Also the point here is that I do not think four weekly SOs in this occasion will solve problem as by doing this. if you do not keep your eye on and do adjustment, your SO will fall into the same calendar month then your previous SO at some point in the future. Which mean you are paying twice for the same month

If its only cycling money around then what does it matter if it happens twice in some months. That why I liked the idea. It makes the account use look more naturally used and not passing the system so obviously.

masonic

adindas wrote: »

HSBC for instance does not allow this.

I've just logged in and checked and HSBC do indeed allow "Four weekly" standing orders to be set up.

adindas

masonic wrote: »

Yes but would that ever be a problem? Four weeks from that second payment would always fall within the following month, would it not? It would only be a problem if one month were missed entirely, which would seem to require that month to be less than 4 weeks in duration.

anoncol wrote: »

If its only cycling money around then what does it matter if it happens twice in some months. That why I liked the idea. It makes the account use look more naturally used and not passing the system so obviously.

My understanding the idea is that:
- Set SOs four weekly cycle
- The best date for First Payment should be set any date in the month but the best one is Wednesday as this is the middle of the week. Also to ensure it will not run into Weekend, Bank Holiday Monday.
- It will need to be Back to back in both end as providing a slack for a few days in this occasion, this method will make no difference with same date monthly SO as you will still be losing a few days interest which you are trying to avoid by choosing this method.

What about the failure in IT system of one side of the two ends. Keep in mind there is not any contractual guarantee that the payment will go into the same day.
http://www.fasterpayments.org.uk/about-us/benefits-faster-payments
“It is not possible to guarantee the exact time the payment will reach the recipient’s account, although at least 90% of standing order payments are sent by 6am.

It is a good idea if this method has been tested. Has anyone tested it for at least one year cycle and could confirm that it is bullet proof against the possiility of running into red ?

masonic

adindas wrote: »

What about the failure in IT system of one side of the two ends. Keep in mind there is not any contractual guarantee that the payment will go into the same day.

Don't get me wrong, I share your concerns in this respect and it is one of the reasons I do mine manually (the others being to cream off variable amounts of interest paid, and because I need to log in periodically anyway to download transactions and check that there is no suspicious activity on my accounts).