Santander Standing Order Timing

Helen28

I have a standing order for £500 going into my Santander 123 lite account on the 27th of the month to pay my 4 direct debits on the 1st of the month and any extra is transferred back to my main current account.

Of course with the 27th of Feb being a Saturday the standing order hasn't arrived yet and won't probably arrive until the 1st of March.

Will everything work out OK tomorrow or should I transfer enough to pay the DDs today?

The balance of my 123 lite account is currently £0.01 

colsten

Overnight tonight, they should be processing all incoming payments before they process all outgoing ones. If your incoming payments have not arrived in time, Santander might still pay your DDs, getting you into an (unarranged?) overdraft. If you have set up your Alert options accordingly, they will notify you and tell you what happened. You would have until about 8pm tomorrow to bring your account back into credit, and wouldn't be charged if you weren't overdrawn after 8pm.

In any case, though, they should try paying your DDs again tomorrow afternoon if they couldn't pay them in the morning. So you should be alright, even though you are cutting things (unnecessarily?) very  fine. To take out all risks, just transfer your £500 in now, and remove the extra £500 coming in tomorrow manually.

wiseonesomeofthetime

I always leave a buffer in there to cover my 3x DDs that leave on the 1st.

It also acts as a back up for the unlikely event I cannot access any cash from my main bank account in an emergency. 

molerat

My SO is set for 26th as it is the only 100% safe date.

Elmer_BeFuddled

molerat said:

My SO is set for 26th as it is the only 100% safe date.

Mine are always set for the 28th, except for changing them for the 26th every Feb. 
Guess which Numpty forgot to change them in time this year? Luckily I had enough to switch around yesterday.
Think I'll swap them to the 26th from now and can then forget them.

born_again

Just move enough to cover the DD's today, then move it back after they have gone out. Saves any worry.

J_B

Santander gave me a £500 O/D facility which was useful in this sort of situation.

colsten

J_B said:

Santander gave me a £500 O/D facility which was useful in this sort of situation.

I got an O/D at Santander as well, as a stopgap for any unexpected issues. I have been avoiding the use of the O/D like the plague, though, and I will continue to do so, as it would cost a small fortune to use it.

where_are_we

I have a Santander OD facility. On the very odd occasion I have used it, if my account balance is brought back into the positive later in the day there are no charges.

PRAISETHESUN

I don't have an OD on my Santander account and on the odd occasion outgoing payments pay out before the incoming payments are paid in then I go into unarranged OD for a few hours. Never had any issues/been charged fees as long as the money is paid in by the end of the same day. Any DDs due out over the weekend won't get processed until the next working day anyway, so your SO in will be fine to cover them. Just make sure to check your balance towards the end of the day to make sure everything has gone as expected.