Standing order timings & holidays

TartanSaver

So I use some standing orders to move everything around the interest bearing accounts. So far, so normal. The money comes out of Santander, into TSB and Nationwide, from which it goes into regular savers. What with the holidays, all the standing orders are dated today (usually it leaves Santander on the 1st and then comes out of the others a couple of days later.) The money has left Santander, but has NOT gone transferred from my other accounts into the regular savers yet.

What happens if an attempt is made but there are not enough funds? Will the bank try later in the day?

Thanks in advance.

colsten

Some banks might still be on hols as today is a bank holiday in Scotland. It'll all be back to normal over the next 24-48 hours.

agrinnall

colsten wrote: »

Some banks might still be on hols as today is a bank holiday in Scotland. It'll all be back to normal over the next 24-48 hours.

No banks are on holiday today, Scottish banks moved to English holidays about 20 years ago (some branches in Scotland may be closed or on reduced service today but that won't affect IT processing).

Futuristic

agrinnall wrote: »

No banks are on holiday today, Scottish banks moved to English holidays about 20 years ago (some branches in Scotland may be closed or on reduced service today but that won't affect IT processing).

Incorrect.

https://www.gov.uk/bank-holidays#scotland


2016
4 January Monday 2nd January (substitute day)

Kazza242

TartanSaver wrote: »

So I use some standing orders to move everything around the interest bearing accounts. So far, so normal. The money comes out of Santander, into TSB and Nationwide, from which it goes into regular savers. What with the holidays, all the standing orders are dated today (usually it leaves Santander on the 1st and then comes out of the others a couple of days later.) The money has left Santander, but has NOT gone transferred from my other accounts into the regular savers yet.

What happens if an attempt is made but there are not enough funds? Will the bank try later in the day?

Thanks in advance.

Nationwide

"When you ask us to make Direct Debits, standing orders and bill payments on a future date, we attempt to make these payments in the morning.

Payment Retry

If you haven't got enough money in your account to make the payment, we'll try to make the payment again on the same day at 2:30pm. This is to give you more time to get cleared funds into your account.

If you still don't have enough money to cover the payment when we try to take the payment again at 2:30pm, you'll still only receive 1 unpaid transaction fee."

Source: The Nationwide website Regular Payments page, see here.


TSB

"If a direct debit or standing order takes you over the £10 [overdraft] buffer we will not immediately decline the payment. Instead, we will give you some time to put more money in your account to cover the payment. We will try to make your payment again at 3:30pm on the same day the payment was due and also shortly after midnight on the next working day. If there is not enough money in your account to pay the item at this point, then the payment will be declined and a Returned Item fee will apply."

Source: TSB Banking Charges brochure [PDF] (page 8), see here.

TartanSaver

Thanks. It all worked out, as expected, and by yesterday evening everything was as it should be.

agrinnall

Futuristic wrote: »

Incorrect.

https://www.gov.uk/bank-holidays#scotland


2016
4 January Monday 2nd January (substitute day)

How is that relevant to banking business days? It's just typically sloppy gov.uk wording, in this case they mean public holidays rather than bank holidays (the term has no defined meaning anyway).

I can assure you that 4th January was a business day for all UK banks. I did some of the coding to remove Scottish bank holidays from processing at one of the Scottish banks in the 1990s.

realaledrinker

Nationwide do internal standing order transfers to e.g. ISA and Saver Accounts on the due day, irrespective of whether it is a weekend or non banking day. All the others in my standing order merry-go-round would process on the next banking day. Caught me out in November when my Nationwide transfers to savings account bounced as I had insufficient money in my Nationwide current account to cover SOs which normally go out on pay day.

tempus_fugit

agrinnall wrote: »

How is that relevant to banking business days? It's just typically sloppy gov.uk wording, in this case they mean public holidays rather than bank holidays (the term has no defined meaning anyway).

I can assure you that 4th January was a business day for all UK banks. I did some of the coding to remove Scottish bank holidays from processing at one of the Scottish banks in the 1990s.

This is absolutely correct. Scottish banks have not observed the Scottish "bank holidays" (which were never general holidays like the English ones) for a while now. People confuse the Scottish holiday of 2nd January with a recognised bank holiday, which it isn't. While most companies recognise the 2nd January as a holiday in Scotland, it is not guaranteed. I, for example, work for a company based in England so I don't get the holiday despite living in Scotland.

agrinnall

tempus_fugit wrote: »

This is absolutely correct. Scottish banks have not observed the Scottish "bank holidays" (which were never general holidays like the English ones) for a while now. People confuse the Scottish holiday of 2nd January with a recognised bank holiday, which it isn't. While most companies recognise the 2nd January as a holiday in Scotland, it is not guaranteed. I, for example, work for a company based in England so I don't get the holiday despite living in Scotland.

There was a time when the Scottish banks observed the Scottish rather than English holidays, but that caused so much payment processing confusion that the industry standardised on English holidays. My situation is now the reverse of yours, I work for a Scottish employer so even though I live in England I was on holiday yesterday - although it gets even more complicated at other times of the year as we take Aberdeen holidays rather than the more widely accepted national holidays, so I'll be working both Good Friday and Easter Monday!

recyclotron

In this day and age why do banks not work on week-ends and bank holidays. My salary cheque should have gone in on the 1st of January, but because of he week-end and bank holidays it went in on the 5th. Can someone explain why?