Why the delay ?

IslanderUK

I asked my Bank why standing orders due to be paid on 01 May were not paid until 03 May and got the following answer

"I can confirm that if the payment date for a Standing Order falls on a weekend or a bank holiday, it will be processed on the next available working day."

Why???

Don't banks use computers to pay standing orders automatically or do computers shut down at weekends and bank holidays

Kim_13

It makes you wonder why they market their online services as banking 24/7 when there'll be delays if not done within a business day. I once did a transfer at around 10pm on a Friday and it ended up dated the Monday.

My TSB standing order for the 1st went today, but for some reason my Nationwide one (also for the 1st) is dated yesterday even though it was a Bank Holiday. I thought things would transfer on any date if internal, but obviously not.

GingerBob_3

IslanderUK wrote: »

I asked my Bank why standing orders due to be paid on 01 May were not paid until 03 May and got the following answer

"I can confirm that if the payment date for a Standing Order falls on a weekend or a bank holiday, it will be processed on the next available working day."

Why???

Don't banks use computers to pay standing orders automatically or do computers shut down at weekends and bank holidays

Bank Holiday - any liabilities you have on a BH are moved to the next working day. That's the traditional approach, which the banks seem to be maintaining - in some cases. I think it might be written into law ??

colsten

GingerBob wrote: »

I think it might be written into law ??

It is not law. It's just how most banks' systems have been set up for the past few decades.

If you want a bank that pays SOs 7 days a week, try Tesco.

Westie983

The computers are configured to work on bank working days, this means doesnt include Bank Holidays or weekends.

This can be seen in the cheque clearance times and, as you have noticed SO/DD sent or received on a Bank Holiday weekend will show the next working day.

The same issue occurs on the Xmas break when the BH takes over a weekend and the following two days of the week, although this wont happen again till 2017

Thats said payments sent from Tesco's are still received with the later date so you could miss out on interest payments if you pay over BH, even if they are sent,

My payments from Halifax to Tesco sent on Satuday show as sent on the 3rd but received on the 2nd,

agrinnall

colsten wrote: »

If you want a bank that pays SOs 7 days a week, try Tesco.

Although of course that doesn't mean that the receiving bank will credit the payment 7 days a week.

System

I would imagine that it would just be treated as an incoming Faster Payment? These can be received 24/7 by most banks.

agrinnall wrote: »

Although of course that doesn't mean that the receiving bank will credit the payment 7 days a week.

Westie983

Heng_Leng wrote: »

I would imagine that it would just be treated as an incoming Faster Payment? These can be received 24/7 by most banks.

Not on BH weekends though,

agrinnall

Heng_Leng wrote: »

I would imagine that it would just be treated as an incoming Faster Payment? These can be received 24/7 by most banks.

But like all FPs they don't have to be credited until the end of the next working day, which could be several days later if there are one or two bank holidays tacked on to a weekend.

pinkdalek

If only this was all I had in my life to worry about.

Really in the grand scheme of things is it important?

Does anyone have a bill that has to be paid on a bank holiday? I very much doubt it, and the date is put forward.

darkidoe

I guess the computers need their holidays too.