Paragon Bank and FPs

schiff

FP to Paragon on Friday, not in my account today. Don't they 'do' weekends and BHs?

quirkydeptless

schiff wrote: »

FP to Paragon on Friday, not in my account today. Don't they 'do' weekends and BHs?

What does BH stand for?

bowlhead99

The clue is in the name: Bank Holiday.

Generally funds are not value dated for weekends because banking settlement is Monday to Friday even if a statement or online account view is on a weekend. Some banks will show you the transactions that are going to clear Monday when you view your statement on a weekend. Some banks will not show you the incoming receipts for a business day until the next business day.

lisyloo

Apart from the fact that no banks operate on BHs, Paragon are not direct participants in the faster payments scheme.
I think they outsource to Newcastle building society.

badger09

I was pondering this morning why payments are not processed on Bank Holidays, and weekends for that matter.

I can see that historically, banks would be closed on BHs and weekends, so no one available to write up the ledgers, or move money from one person's envelope/pigeon hole/trunk/massive vault to another's. But with the advent and progress of automation, why is it still the case?

My husband says it's so they can carry out maintenance. But I think he just wanted to shut me up so he could catch up with yesterday's cricket highlights in peace:o

lisyloo

I work in IT and my guess would be that the banks have only paid for a certain service from the data centers.
It’s quite possible that servers are even shutdown at weekends.

We used to do quarterly maintenance at weekends also.
This would be applying updates/patches to the operating system/databases and software. This was quite a big job for a few hundred servers.
Tasks can be automated but someone still has to check and rerun the tasks that have failed so it would take the entire weekend.

But ultimately I think it’s what they’ve paid for.
Why do we need it at weekends as well?
At least you also know that no payments with go out.

MarkFromCornwall

lisyloo wrote: »

Apart from the fact that no banks operate on BHs,

Some do. I received a Faster Payment into my Santander current account yesterday (BH Monday). It appeared in online banking yesterday, the transaction was dated 6 May and the money was available to spend immediately.

badger09

lisyloo wrote: »

I work in IT and my guess would be that the banks have only paid for a certain service from the data centers.
It’s quite possible that servers are even shutdown at weekends.

We used to do quarterly maintenance at weekends also.
This would be applying updates/patches to the operating system/databases and software. This was quite a big job for a few hundred servers.
Tasks can be automated but someone still has to check and rerun the tasks that have failed so it would take the entire weekend.

But ultimately I think it’s what they’ve paid for.
Why do we need it at weekends as well?
At least you also know that no payments with go out.

Thanks lisyloo

I'm not going to tell husband he's probably right though;)

It doesn't bother me that payments (generally) are not processed on Bank Holidays and weekends. I well remember the days of waiting for the monthly pay slip and bank statement through the post, and paying all bills by cheque:o

Terry_Towelling

badger09 wrote: »

My husband says it's so they can carry out maintenance. But I think he just wanted to shut me up so he could catch up with yesterday's cricket highlights in peace:o

Is there really such a thing as 'highlights' where cricket is concerned? - apart from the cricket teas, that is.