Standing Order between accounts moved back from 1 January

fuzzything

I move money between current accounts by standing Order to meet their eligibility requirements. I pay out of my Santander account on 1st day of the month, then pay back into Santander on the 2nd of the month.

But in January my Santander account shows the payment will be moved back from 1st to 4th of January (the first working day). However my other accounts (TSB, Lloyds, N&P, Halifax) still show they will try to make the standing order payment back on the 2nd. If that happens it is going to cause an issue as the money won't be in the accounts to make the payment back.

Unless I'm mistaken I need to set things up differently for January, to avoid going overdrawn or being charged.

CKhalvashi

This can also happen if the day falls on a weekend.

The only foolproof method is to ensure that it's paid every month manually, even if it can be a faf.

Jsscmm

fuzzything wrote: »

I move money between current accounts by standing Order to meet their eligibility requirements. I pay out of my Santander account on 1st day of the month, then pay back into Santander on the 2nd of the month.

But in January my Santander account shows the payment will be moved back from 1st to 4th of January (the first working day). However my other accounts (TSB, Lloyds, N&P, Halifax) still show they will try to make the standing order payment back on the 2nd. If that happens it is going to cause an issue as the money won't be in the accounts to make the payment back.

Unless I'm mistaken I need to set things up differently for January, to avoid going overdrawn or being charged.

Whilst you could move those SOs, lloyds tsb and Halifax don't actually process SOs on a weekend, so I would expect them to pay on the 4th. N&P don't even do faster payments on a weekend, so again, I expect the 4th.

I'm slightly surprised at lloyds and tsb concerns though, as with 4 and 5% respectively having cash there for interest seems sensible. For N&P and Halifax not having cash on hand is more appropriate depending on circumstances.

colsten

As long as your account balance is higher than the outgoing SO, it doesn't really matter, and you can set up the outgoing and incoming SOs for the same day. In my experience, all banks apart from Tesco and the RBS Group have the same weekend/bank holiday processing rules but these are rarely or never involved in people's schemes.

If you run the risk of getting overdrawn by an SO, it's better to swap the money manually by Faster Payment. Again, you can do this on the same day. There is no need to do it over 2 days.