Standing Order - First Direct

Sydney2London

I had a standing order being completed to another account this morning.

It has shown as a transaction in the First Direct (and does not come up as pending, indicating it has been completed?), however it has not reached the other persons account yet.

Are Standing Orders supposed to be Faster Payments? If the payment is not in 'pending' in the senders account, does that mean it has been accepted? Anyone have experience in First Direct SO's?

I ask as half of the payment takes the account into overdraft.

grumbler

For any FP the deadline is the end of the next working day. This hardly ever happens, but very often FP isn't instant, especially, but not only, to a new payee.

Do you meant your FD account gets overdrawn as a result of this transfer? What difference does this make if it's an agreed overdraft?

Sydney2London

It would be informal / unplanned overdraft.

I might give them a call and see.

Sydney2London

And I'm a tad confused by the whole SO / FP process.

Will a SO only be processed as a faster payment if there are sufficient funds in the account at the time of the transfer? Or is it sent as a faster payment anyway?

maninthestreet

I bank with FD, and have an SO set up to transfer money to an ISA with another financial institution, and they seem to arrive at the destination the same day they leave my FD account.

Sydney2London

Ok thanks for that. So there shouldn't be any concern if it falls outside the 'two hour' typical window of Faster Payments?

Thanks.