Delayed SO's due to bank holidays

Wheres_My_Cashback

EarthBoy said:

Wheres_My_Cashback said:

Descrabled said:

Just to add that I believe all my bank accounts retry to pay SO and DD mid afternoon if there are insufficient funds available just after midnight.

They also send texts to inform you to add funds to the account.

With DDs, multiple attempts are made to pull the money out of the account up until the cut off point, usually around 1430-1500. If enough funds are not received by cut off the DD will be reversed and fail.
SOs, because they are pushed operate differently and many banks try once and once only
EG. LBG platforms push SOs out at between 0020-0040 each night Mon-Fri (not PH) and if there are not enough funds in the account they simply won't go. There are no further attempts to push.

Lloyds Bank's Personal Banking Terms and Conditions states that they will try to pay failed Standing Orders again after 2.30 pm.  See page 6, under: "Payment of standing orders and future dated payments"
https://www.lloydsbank.com/assets/media/pdfs/current-accounts/personal_banking_terms_and_conditions.pdf
Payment of standing orders and future dated payments We make payments from your account shortly after midnight at the start of the due date. If your payment date falls on a non-working day, then we will try to collect your payment the next working day. If you don’t have enough funds in your account at this point to make a payment, we will try to make a payment again after 2.30pm the same day. This gives you the chance to put extra funds into your account so that we can make the payment.

My real life experience of that is different, albeit on one occasion only.
SOs totalling approx 9K were not taken by 1800 due funds not arriving in the account until 1300.ish
I ended up making manual payments to the 30 odd accounts.
I suppose the SOs could have been taken after 1800 as it does state AFTER 2.30pm, but the banking day has finished by then so I would not expect it.

EarthBoy

Wheres_My_Cashback said:

EarthBoy said:

Wheres_My_Cashback said:

Descrabled said:

Just to add that I believe all my bank accounts retry to pay SO and DD mid afternoon if there are insufficient funds available just after midnight.

They also send texts to inform you to add funds to the account.

With DDs, multiple attempts are made to pull the money out of the account up until the cut off point, usually around 1430-1500. If enough funds are not received by cut off the DD will be reversed and fail.
SOs, because they are pushed operate differently and many banks try once and once only
EG. LBG platforms push SOs out at between 0020-0040 each night Mon-Fri (not PH) and if there are not enough funds in the account they simply won't go. There are no further attempts to push.

Lloyds Bank's Personal Banking Terms and Conditions states that they will try to pay failed Standing Orders again after 2.30 pm.  See page 6, under: "Payment of standing orders and future dated payments"
https://www.lloydsbank.com/assets/media/pdfs/current-accounts/personal_banking_terms_and_conditions.pdf
Payment of standing orders and future dated payments We make payments from your account shortly after midnight at the start of the due date. If your payment date falls on a non-working day, then we will try to collect your payment the next working day. If you don’t have enough funds in your account at this point to make a payment, we will try to make a payment again after 2.30pm the same day. This gives you the chance to put extra funds into your account so that we can make the payment.

My real life experience of that is different, albeit on one occasion only.
SOs totalling approx 9K were not taken by 1800 due funds not arriving in the account until 1300.ish
I ended up making manual payments to the 30 odd accounts.
I suppose the SOs could have been taken after 1800 as it does state AFTER 2.30pm, but the banking day has finished by then so I would not expect it.

Well the Terms and Conditions are only dated 6 April 2020, so the procedure could have changed if your experience was some time ago.  If it was only recent, you could make a complaint as they didn't do what the Terms and Conditions say they would do.

badger09

jonesMUFCforever said:

Credits will always go in before payments out - so you should be ok.

Really

Then why are my same day 'in then out' payments always shown as 'out then in'?

tel_

wmb194 said:

If you're worried, simply change the Monday SO to Tuesday. You should still have time.

Edit: Or cancel it and do it manually.

I decided to fund it from a savings account last night, but hasn't shown up on my TSB current account yet.

Thanks for the simple solution wmb194. Not every current account will let you change an SO so late I believe, especially over a BH weekend, but TSB does!

It's now changed to the 12th - problem solved!

J_B

Most banks are currently obliged (?) to offer you an overdraft - this might be useful in this situation, even if you only go O/D for a day!

eskbanker

J_B said:

Most banks are currently obliged (?) to offer you an overdraft

The response to the '?' is no - there is no obligation on any bank to offer any specific individual an overdraft, they're discretionary and subject to withdrawal.  The FCA steer for the current crisis entails relaxation of terms for those who already have overdrafts but doesn't mandate them being offered in the first place - the regulator can't insist that banks lend money to everyone, this remains a commercial decision and rightly so.... 

born_again

General_Grant said:

jonesMUFCforever said:

Credits will always go in before payments out - so you should be ok.

Sorry, that's not logical.  For a payment to be IN one account it has to have gone OUT from another.  So it leaves one account before it can be received by the other.

However an individual bank account will often show the credit before the debit but that doesn't mean the time of receipt and payment were in that order.

I think what jones is referring to, is it will show on a statement or online banking that way.
As credits have to show before debits. 

General_Grant

born_again said:

General_Grant said:

jonesMUFCforever said:

Credits will always go in before payments out - so you should be ok.

Sorry, that's not logical.  For a payment to be IN one account it has to have gone OUT from another.  So it leaves one account before it can be received by the other.

However an individual bank account will often show the credit before the debit but that doesn't mean the time of receipt and payment were in that order.

I think what jones is referring to, is it will show on a statement or online banking that way.
As credits have to show before debits. 

I'm not so sure about that but I can't be bothered to look through my various accounts right now!

General_Grant

General_Grant said:

born_again said:

General_Grant said:

jonesMUFCforever said:

Credits will always go in before payments out - so you should be ok.

Sorry, that's not logical.  For a payment to be IN one account it has to have gone OUT from another.  So it leaves one account before it can be received by the other.

However an individual bank account will often show the credit before the debit but that doesn't mean the time of receipt and payment were in that order.

I think what jones is referring to, is it will show on a statement or online banking that way.
As credits have to show before debits. 

I'm not so sure about that but I can't be bothered to look through my various accounts right now!

So the first account I check - Halifax.

On the first entry for 1 May I had an SO going out which led to a negative balance
The same day I paid in one FP and a couple of transfers so the overdraft was gradually reduced.
So how is that showing credits before debits?

Shakin_Steve

born_again said:

General_Grant said:

jonesMUFCforever said:

Credits will always go in before payments out - so you should be ok.

Sorry, that's not logical.  For a payment to be IN one account it has to have gone OUT from another.  So it leaves one account before it can be received by the other.

However an individual bank account will often show the credit before the debit but that doesn't mean the time of receipt and payment were in that order.

I think what jones is referring to, is it will show on a statement or online banking that way.
As credits have to show before debits. 

Exactly the opposite in my experience.