Last working day of the month

Joe_Bloggs

Saturday 1st June 2019:
I have just set up a standing order (with Nationwide) to pay my Halifax account on Sunday 2nd June 2019. Let us wait and see what happen without losing any sleep.

J_B.

EarthBoy

Joe_Bloggs wrote: »

Nationwide are a 24/7 banking organization. I have had mortgage payments taken on Christmas day. Bank Holidays /Weekends do not affect the scheduling of their banking transactions.

Nationwide process the Standing Order to my Nationwide Regular Saver account as an internal transfer, and this does go out on a weekend. As glider says above, maybe they process internal mortgage payments the same way. However, the Direct Debit for my Nationwide credit card has never gone out on a weekend or a Bank Holiday, neither have any of my Standing Orders to external accounts.

Joe_Bloggs wrote: »

Saturday 1st June 2019:
I have just set up a standing order (with Nationwide) to pay my Halifax account on Sunday 2nd June 2019. Let us wait and see what happen without losing any sleep.

It will be paid on Monday 3 June, going by my own experience.

etienneg

I can confirm what EarthBoy is saying above about Nationwide. Internal things (interest and fee on FlexPlus and transfers to NW monthly savers) have happened today, but standing orders set for 1st of each month to other financial institutions have not.

As for OP, I don't see the need to pay out SOs on payday exactly. I have always set 1st as my preferred date for these, which worked fine for paydays near the end of the month. I'd be interested to know what the problem is with this simple approach.

It also means that payments always happen in the calendar month they are supposed to, whereas setting up for a date near the end of a month can mean that they are delayed until the next, as explained earlier in the thread. Why complicate things?

polymaff

Quite. I was paid on Friday and I have a set of SOs in place - notionally executed on the first, but this month actually executing on the third. The cost of not shoving the money across to an interest-earning account for three days, then back is 15p.

And as etienneg points out - I am guaranteed calendar-month continuity.

And some interest-bearing accounts want the SO to be executed earlier than the end of the month - anyway.

And the execution process for external SOs is FPS, which is not a guaranteed same-day process.


So game, set and match to start of month...:)

SnowTiger

NoodleDoodleMan wrote: »

Thanks all.

Talk about complicated !!!

I'll look at Barclays.

Why not make things less complicated and set the standing order date to the 1st of the (following) month?

Worst thing that could happen is it's paid a few days later if the 1st happens to fall on a non banking day.

Ben8282

glider3560 wrote: »

I get paid on the last working day of the month, so it's a useful day to set standing orders.
.

No. It's not. It is very unwise to set up standing orders to go out on the very same day that your pay goes in.

glider3560

Ben8282 wrote: »

No. It's not. It is very unwise to set up standing orders to go out on the very same day that your pay goes in.

Why? My overdraft is large enough to cover all the standing orders, so no chance of any fees.

Poor_Leno

Just been looking ahead to this year's calendar...August bank holiday will fall on the very last day in august.  If I have a standing order set to the last working day of each month, will barclays take that payment on Friday 28th or will they kick it forward to 1st September?  Just wondered in advance as otherwise I will have to reschedule the payment and fix it to the 28th of every month in order to avoid a potential problem. 

EarthBoy

Poor_Leno said:

Just been looking ahead to this year's calendar...August bank holiday will fall on the very last day in august.  If I have a standing order set to the last working day of each month, will barclays take that payment on Friday 28th or will they kick it forward to 1st September?  Just wondered in advance as otherwise I will have to reschedule the payment and fix it to the 28th of every month in order to avoid a potential problem. 

Bank Holidays are not working days, so Barclays should pay the Standing Order on Friday 28 August, which is the last working day of that month.

Poor_Leno

thank you, as long as I know the payment won't rollover to the next day (1st Sept) that's the main thing really.