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BooJewels

It seems odd to me that they expire a standing order from the day after it was due, especially when they're slow at expediting them and it doesn't allow for the scheduled date landing on a weekend when they don't do transactions at weekends.  I'll have to make a note in my spreadsheet, as I'm likely to set up a new one when this matures and I'll forget the details by this time next year.

BooJewels

@friolento BRT = Base Rate Tracker. 

ColdIron

friolento said:

BooJewels said:

I have a modest issue with my Skipton Regular Saver.  I set it up in early June last year and I think I made the first payment manually on 2nd June and a Standing Order to pay on the 1st month thereafter - the last one being 1st May 2024 = 12.  It showed in the EA saver feeding it as a 'scheduled payment' each month and around the third of the month, the £250 moved from there to the RS.  Current balance £2,750.

I noticed a week or two ago that it wasn't showing as a scheduled payment for 1st May - but the balance was also below £250, but I'd set up another payment to go from my BRT to the EA to bring the balance over £260 ready for that payment, on 26th April, which it did.  It should have gone on Friday at the latest - but the payment hasn't been made and it isn't showing as scheduled.  

I'm wondering whether to make the last payment manually, or wait and see if it sorts itself out after the BH weekend catch up?

What is BRT?

Skipton's Base Rate Tracker I'd imagine. I feed my RS from that too

subjecttocontract

friolento said:

BooJewels said:

I have a modest issue with my Skipton Regular Saver.  I set it up in early June last year and I think I made the first payment manually on 2nd June and a Standing Order to pay on the 1st month thereafter - the last one being 1st May 2024 = 12.  It showed in the EA saver feeding it as a 'scheduled payment' each month and around the third of the month, the £250 moved from there to the RS.  Current balance £2,750.

I noticed a week or two ago that it wasn't showing as a scheduled payment for 1st May - but the balance was also below £250, but I'd set up another payment to go from my BRT to the EA to bring the balance over £260 ready for that payment, on 26th April, which it did.  It should have gone on Friday at the latest - but the payment hasn't been made and it isn't showing as scheduled.  

I'm wondering whether to make the last payment manually, or wait and see if it sorts itself out after the BH weekend catch up?

What is BRT?

My guess is : base rate tracker 

TheWoodler

BooJewels said:

It seems odd to me that they expire a standing order from the day after it was due, especially when they're slow at expediting them and it doesn't allow for the scheduled date landing on a weekend when they don't do transactions at weekends.  I'll have to make a note in my spreadsheet, as I'm likely to set up a new one when this matures and I'll forget the details by this time next year.

I agree. It’s also not uncommon for there to be weekends around Bank Holidays, extending the non-transaction days, so it’s the type of thing that can easily slip under the radar. In this case 1 May - for anyone whose SO fell on the 1st of the month - was a working day, as it was a Wednesday, and my normal SO date was 3 May, Friday, still a working day.

SOs are set and cancelled by the customer, so should go out on the nearest available transaction date and surely shouldn’t be cancelled by the bank/BS.

Given that it was an internal SO, the fact it should have gone out on a working day, and the fact at least one other person is identically affected, it’s pointing to process error for me, and may continue playing out across the month for others affected depending on their SO date. I think it’s worth me getting in touch with them tomorrow. 

Bigwheels1111

When Chase did not pay my SO on a bank holiday I questioned it.
Reason was bank holiday, ok I get it.
When it did not pay the next day I complained.
Got £50 for my trouble.
Complain, complain, complain.

friolento

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

ColdIron

friolento said:

What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

I use a standing order from the BRT to the RS and top it up with a £500 debit card payment from Halifax Rewards for my free fivers. It's not a terrible rate so I leave the £250 where it is until I find a use for it. Keeps Skipton happy that I'm using the account as a saving account and not taking the mick by withdrawing it immediately

BooJewels

I've been thinking about it further during today whilst pottering in the garden and it does seem almost preposterous that it could even happen.  If they're programming it to cancel the standing order the day after the last payment was due, then surely it's only a few more lines of code to either ensure that the payment has indeed been made, or to check the balance of the RS, or check the day of the week. 

Or simpler still, programme it for some point rather later in the month, but before there's any risk of a 13th payment being made.  Any number of days from about +7 to +28 would cover it.  I might send a message querying it, as I want another RS when it matures, so I'd like to think it would work better in future - I'm still confused as to why it wasn't showing as a scheduled payment a couple of weeks ago - if it supposedly was cancelled on 2nd May.  I'm not sure the girl on the chat even got my concerns or understood the issue.  It's only because I wanted to check that the transfer from the BRT to EA had happened that I started monitoring it more closely, so if I hadn't done so, I would have missed the 12th payment not being made.

BooJewels

friolento said:

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

There's no particular advantage in funding from the BRT and that's not what I do.  I actually fund it from my Skipton EA saver, because that's the recipient of monthly interest from a couple of Skipton fixes.  So, to date, my RS has been funded entirely from received monthly interest - none of my own principle funds - better than compounding in the original account.  One of the fixes matured recently, so the interest payments stopped, leaving me 50 quid short for my last RS payment.  So I set up a transfer from the BRT for that last 50 (itself being an interest payment), just to round it off.