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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.

friolento

BooJewels said:

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.

Phew, that sounds complicated. Great that it's working for you

TheWoodler

BooJewels said:

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. 

My thoughts entirely, especially as SOs are completely controlled by the customer.  

That one was a Members’ RS IIRC, so for this to happen with a loyalty product seems doubly unfortunate. I would not have felt well rewarded for loyalty if I had missed my 12th payment through no fault of my own. 

It’s also a point to consider that there was no difficulty with sufficient funds in the originating EA account - so with it being a working day as well, all conditions were in place for it to have been taken. 

BooJewels

Indeed @TheWoodler - I had thought originally that it wasn't showing as a scheduled payment because there were insufficient funds earlier in the month - but I had scheduled a transfer for 26th April to bring it up over the required amount in good time - no point moving it too soon, as the BRT interest rate is higher than the EA account.  I may be mistaken on this, but my understanding is that if SOs are set for a particular day, as long as the funds are there when it's scheduled it will go ahead - but I think DDs need more run time.

I've sent a secure message asking about it, as it has made me a smidge uneasy about SOs with them, as I routinely schedule withdrawals to my current account in that manner and I need to be able to trust it.  Plus I was going to take another RS when it matures, but likewise, I don't want to rely on it if they might just intervene and cancel the SO before it's been actioned.  I'm not sure that her explanation yesterday withstood scrutiny once I gave it more thought.

liamcov

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?