Delayed SO's due to bank holidays

badger09

Shakin_Steve 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. 

Exactly the opposite in my experience.

Indeed, as I said earler

badger09 said:

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'?

IvanDP

Strange one this:
Like the OP, I have money bounced around to cover pay in requirements.
All of them have worked except for Nationwide.
The money has gone in, but no S/O have gone out.
I assume they'll go out on Monday.

fifeken

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. 

Just checked my TSB acccounts that pay each other. One shows as debited then credited and the other the opposite, as expected.

colsten

fifeken said:Just checked my TSB acccounts that pay each other. One shows as debited then credited and the other the opposite, as expected.

I think there is a difference between when the banks process the incoming and outgoing transactions, and how they present these on the statements.

I have many accounts, and there is only one that presents all the incoming before all the outgoing, even if the incoming definitely happen hours after the outgoing have happened. That bank is Al Rayan. At all other banks, the transactions appear in chronological sequence.

I am guessing, but I would think that in the Faster Payment age, the old concept from the Batch age - processing incoming payments before outgoing - now only has limited relevance.

where_are_we

Standing order help please. We had decided to keep our joint full 123 and not join the exodus to 123 lite when the rate dropped to 1% because we have umpteen SO`s to regular savers and current accounts as well as about 10DD`s and we need to keep a very high balance to cover everything. However the further reduction to .6% in August has prompted a rethought. If we "upgraded" to a 123 lite with 0% interest we would need to keep a low balance to make it worthwhile and move sufficient funds from Marcus to cover outgoings. If we didn`t manage this we realise there are costs with failed DD`s but are there any costs with failed SO`s? Obviously we would have to manually make the payments a day late instead. A failed SO wouldn`t generate an unarranged overdraft? Would it be cost effective to arrange an overdraft? 

colsten

According to the most current 123 Lite charges document, there is no charge for a failed SO. Whether they fail the SO if you are short of money, or whether they'll give you an unarranged overdraft, I don't know. An arranged overdraft would be very expensive - representative 39.94% APR currently (ignoring the temporary Covid-19 relaxation). Best to diarise refill dates, and to leave a decent float in the 123 Lite. You need to do your own numbers, but for me, I can easily keep £5k in the 123 Lite, and still be better off than with the full-fat 123 (that's ignoring cashback). You might also be able to use the Santander Alert function, to notify you if the balance goes below £x.

Your alternative could be to offload some of your SOs / DDs into one or more Club Lloyds and Virgin Current accounts but you could then lose your cashback.