Standing Orders

nickcc

Hello all

Does anyone know the reason Lloyds bank don't process standing orders over the weekend. We only use on line banking and whenever a payment is due over a weekend it is never paid until the following Monday. I would imagine these payments are automated so can see no reason why they should be held until the next working day.

Thanks

polymaff

Just seems to be the unimaginative way things are. Halifax were a seven-day-a-week bank - until they were taken over by Lloyds.

Still, better what you are experiencing then what Santander get up to which is to process some such SOs on the preceding Friday.

OUCH.

nickcc

polymaff wrote: »

Just seems to be the unimaginative way things are. Halifax were a seven-day-a-week bank - until they were taken over by Lloyds.

Still, better what you are experiencing then what Santander get up to which is to process some such SOs on the preceding Friday.

OUCH.

Strangely enough the Lloyds standing order is to move money from our Lloyds current account into my Wife's Santander 123 account 🙂

colsten

polymaff wrote: »

Still, better what you are experiencing then what Santander get up to which is to process some such SOs on the preceding Friday.

OUCH.

I have had dozens of SOs with Santander for several years. They have never processed a single one of them early.

colsten

nickcc wrote: »

Hello all

Does anyone know the reason Lloyds bank don't process standing orders over the weekend. We only use on line banking and whenever a payment is due over a weekend it is never paid until the following Monday. I would imagine these payments are automated so can see no reason why they should be held until the next working day.

Thanks

Most current account providers don't process SOs, and DDs, 7 days a week. I believe this is mainly for the convenience of account holders as their income from work or from benefits would only be paid on working days and SOs/DDs at weekends and bank holidays could send them into overdrafts.

What is the actual problem if your SO is not processed until the next working day? Which of you recipients is complaining, and why?

Fingerbobs

It's long baffled me that automatic transactions that clearly require no human intervention whatsoever can only happen on working days. A few times, I've had transactions complete on a Bank Holiday Monday following a weekend, which is even more baffling.

I can only assume it's because certain systems required to process these transactions are routinely shut down over the weekend. But why that still happens in this day and age is a mystery.

colsten

Fingerbobs wrote: »

It's long baffled me that automatic transactions that clearly require no human intervention whatsoever can only happen on working days. A few times, I've had transactions complete on a Bank Holiday Monday following a weekend, which is even more baffling.

I can only assume it's because certain systems required to process these transactions are routinely shut down over the weekend. But why that still happens in this day and age is a mystery.

See my earlier post. Same Qs to you

nickcc

colsten wrote: »

Most current account providers don't process SOs, and DDs, 7 days a week. I believe this is mainly for the convenience of account holders as their income from work or from benefits would only be paid on working days and SOs/DDs at weekends and bank holidays could send them into overdrafts.

What is the actual problem if your SO is not processed until the next working day? Which of you recipients is complaining, and why?

As the SO is used to transfer monies from one bank to another where the accounts are both ours then we are the ones where interest is not being made, Lloyds current account does not pay interest where Santanders does. The delayed payment system also means that monthly salaries/pensions can also be delayed by up to three days if you include bank holidays.

agrinnall

nickcc wrote: »

The delayed payment system also means that monthly salaries/pensions can also be delayed by up to three days if you include bank holidays.

For most people this won't be the case, salaries are generally paid early if the scheduled date is not a business day, and are rarely paid using SOs anyway as the amount to be paid varies from period to period - most likely they'll use Faster Payments (most of which will arrive the same day) or BACS Direct Credit (which arrives on the day specified by the sender).

nickcc

agrinnall wrote: »

For most people this won't be the case, salaries are generally paid early if the scheduled date is not a business day, and are rarely paid using SOs anyway as the amount to be paid varies from period to period - most likely they'll use Faster Payments (most of which will arrive the same day) or BACS Direct Credit (which arrives on the day specified by the sender).

Unfortunately this doesn't apply to my company pension which is never paid early only late when the 1st falls on a weekend or bank holiday.

jonnygee2

I don't think you are talking about standing orders?

Basically, in the UK there are two main payment schemes for consumers:

BACS - Used for direct debits, benefits payments and the vast majority of salary payments. Also used by Paypal and some other online stores. BACS credit / debits only process on working days, payments take three working days to complete.

Faster Payments - Used for 1-1 bank transfers. Normally instant, 24/7 service.

A 'standing order' isn't a payment scheme, it's just a faster payment that's scheduled to leave at a regular date. A standing order should leave your bank whenever you've set it to leave, and arrive instantly.

I think what you are talking about is BACS payments (e.g. direct debits or salaries). These are working day only, and this is part of the payment scheme specs.