When will I get my wages?

efitzpatr7

My boss has set up Standing Orders to pay all of our wages (yes, I do mean Standing Orders rather than BACS payments).

With it being a bank holiday, I was wondering what day it should go into my account. Both myself and the company bank with Lloyds.

From my understanding, Standing Orders still credit the recipient account on the correct day, just don't debit the sending account until the next working day? Am I correct with thinking this, or am I way off the mark?

Appreciate any help you guys can give.

peachyprice

You are incorrect, they will leave your boss's bank account on the next working day, so Tuesday and will arrive in your account the same day.

agrinnall

Peachyprice is right in principle, but as you haven't told us what day you expect to be paid it's a bit difficult to be certain which day it will actually happen. I think the assumption is that it's weekly pay on Fridays, so next Tuesday is likely to be correct, but if it's not that then you need to tell us what it is as the outcome may be different.

One thing that could make a difference is that you both bank with Lloyds, so the payment to you will not actually be sent as a SO through the Faster Payments system, it'll be processed as an internal transfer. However, I would think that the payment will be included in the SO extract process, but routed directly to your account rather than to FPS, so if Lloyds run that extract in the early hours of Tuesday morning then that's when it'll be credited to your account.

efitzpatr7

Thank you both.

agrinnall wrote:

I think the assumption is that it's weekly pay on Fridays, so next Tuesday is likely to be correct,

My apologies, yes we get paid weekly on every Friday.

Regarding your point about it being the FPS, I don't believe it's being sent that way, as it displays on my statement as SO rather than FPI.