Standing Order times

themintymate

Hi there!

When do standing order's go through? I have some standing orders and direct debits setup on an account of mine for the 1st of every month. However, my income is setup on a different account, so I have setup a 1-time standing order to move a fixed sum into my billed account... should I be worried about this?

My worry is that the standing orders on my billed account won't get the funds from my income account in time!

ColdIron

It varies. Standing Orders (and Direct Debits in my experience) falling on weekends or public holidays generally go on the next working day but not always. Tesco actions Standing Orders on the date you say, as do Nationwide internal ones. There is some talk of the new TSB system doing the same. So if your billed account was Tesco but the income account delayed payment you could have a problem. Maybe best to phone your banks and find out for sure. Personally I don't like to live on a knife edge and run the risk of going overdrawn so I always set these things up on an accounts that I know always have sufficient cash. Why not switch them to your income account?

I don't understand your comment about a '1-time standing order'. Surely the point of Standing Orders is to automate payments on a regular basis

Robin9

Be wary of setting this at for example the 28th.

If this falls on a Bank Hol (Good Friday) like April 28 - it may not go through on the Saturday 29th, Sunday 30th, (Easter Monday) Monday 1st - and your receiving account might not get the credit till the 2nd and then its possible they may out your standing orders due on the 1st first.