Where is the money just now?

YorkshireBoy

Eco_Miser wrote: »

I've noticed really weird behavior from Yorkshire Bank with weekend standing orders. They go out on the Friday, and are so dated if you look over the weekend, but on Monday, everything appears to have happened on Monday, including at the receiving bank.

Are you saying they're dated Friday when viewing over the weekend?...because I was going to say that this phenomenon goes back years with YB. They close off very early on a Friday (and every other day), so if you're looking online at 10:00-10:30pm on a Friday you'll see Mondays transactions...both debits and credits. In YB banking terms, 10:31pm on a Friday night is Monday. Now I'm not so sure they haven't changed things since they were my one and only bank a few years ago.

etienneg

Oh, come on! I know this is a money saving site, but let's be realistic. We are just getting too used to 'instant' transfers in some instances and seem to be expecting this for everything. It's never been that way. Perhaps one day it will, but not at the moment or for the foreseeable future.

How much is the transfer? Let's say £1,000 (for the sake of the discussion). If you have this amount permanently in a FlexDirect account (which pays the DDs) paying 1% (i.e. after the first year) instead of a savings account (let's say paying 1.5%) it will cost only £5 per year. Then it doesn't matter about the DD dates. Any that don't pay out immediately after the transfer in means the balance will be higher in the meantime, adding to the interest.

This is just one example of how you can easily arrange matters. Just don't expect perfection and you will save yourself a lot of worry for so little cost.

Ben8282

This post is intended to address the issue in general terms and makes no allowance for practices which may be specific to a certain bank.
The fact that the OP states this is a regular transfer strongly implies to me that this is a standing order. In such cases the standing order would normally be actioned on Monday where it is due over a weekend. Note the OP was made early Sunday morning so the statement that the money has already left the husband's account does not mean it left the account on Friday or Saturday and banks do often update with transactions due to go out on Monday, although this tends to be later in the day on Sunday and not this early as far as I am aware.
The money will be received shortly after midnight tonight.
To OP. Surprised this has not previously occurred. Suggest changing the payment date of the standing order to ensure funds are received on time in the future. Don't tell us your husband is paid on the 11th of the month or something like that please.
As to the original question as to where is the money now, it is still in your husband's account as the transaction will be dated Monday.

born_again

:TBen8282

If your read the OP's post. You will pick up it was a S/O and Husband gets paid on the 12th...:T

Ben8282

born_again wrote: »

:TBen8282

If your read the OP's post. You will pick up it was a S/O and Husband gets paid on the 12th...:T

If it is a standing order then that explains everything and the money should now be in the wife's account as it is now early Monday morning. I assume that this is a new arrangement which is why they have never encountered the problem before.

Husband paid his 'monthly wage' on the 12th of the month. All household bills due on 13th of the month from an account other than the account which receives the salary, the transfer of funds being made by standing order. An interesting, foolish and somewhat impractical arrangement which needs to be urgently reviewed to avoid ongoing difficulties

surreysaver

Ben8282 is full of assumptions

Ergates

Martha_Ruby wrote: »

My question is - where is my money right now? It seems very unfair that money is being taken over a weekend but not given........someone is obviously benefiting from this and it's not us.

Standing orders are usually done via the Faster Payments service. So, in practical terms, "where the money is" - it'll be in a suspense account in your bank - which is a type of internal (i.e. bank owned) "storage" account.

Eco_Miser

YorkshireBoy wrote: »

Are you saying they're dated Friday when viewing over the weekend?

Yes.
I discovered it when using an ATM on a Saturday, when the normal date for the SO fell on the Sunday, so I was expecting it to go on Monday. Finding the balance to be half of expected is quite shocking.:( Checking online banking showed the SO went on Friday. Checking on the Monday, while doing the money-go-round, everything was dated Monday.

Ben8282

surreysaver wrote: »

Ben8282 is full of assumptions

Correct assumptions though.

polymaff

Martha_Ruby wrote: »

My question is - where is my money right now? It seems very unfair that money is being taken over a weekend but not given........someone is obviously benefiting from this and it's not us.

*"As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. "

Your husband's initial transfer will almost certainly have been executed by fps - and as you can see from the above quote - a Friday fps payment might not arrive until the end of the following Monday.

So you are cutting it too fine for 100% certainty.

Your payments by SO will only be made on a working day, so Nationwide are rattling the cage a bit by messaging you on Sunday - but you can get around their premature behaviour by arranging an overdraft. This remains unused, except when your husband's transfer doesn't arrive by Nationwide's latest time on the Monday for recognising incoming SOs.

To the core of your question - the banks win, you lose over non-working-day-related issues.


* http://www.fasterpayments.org.uk/how-long-do-faster-payments-take