Standing orders for account funding criteria.

B0bbyEwing

penners324 said:

Set all the standing orders up for the same day...
 

I imagine they make a limited number of attempts to make the payment and that their time of day will vary between banks and may even vary within 1 bank itself. 

As such, if say D pays E and E is then supposed to pay F but F has already maxed out its attempts to pay G then G is going to missing out that day & therefore it wont work.

artyboy

I tried and gave up on this a few years back when I was playing this 'game'. In the end, looking at the different possible points of failure with an automated solution, need to space things out to take account of different banks timing, approach to weekends and public holidays etc, I decided that I would be tying the money up for the best part of the month.

As opposed to 10 minutes going through one bank's app after another on the 1st of each month and pushing it through. Decided that it was easier overall. 

By the way, this was only about 10 banks in total, and I do remember that the Coop was a right pain as the 'faster payment' could take up to 10 mins to show up. Whereas all the others were credited the moment I logged out of the 'sending' bank's app and into the 'receiving' bank's one.

B0bbyEwing

artyboy said:

I tried and gave up on this a few years back when I was playing this 'game'. In the end, looking at the different possible points of failure with an automated solution, need to space things out to take account of different banks timing, approach to weekends and public holidays etc, I decided that I would be tying the money up for the best part of the month.

As opposed to 10 minutes going through one bank's app after another on the 1st of each month and pushing it through. Decided that it was easier overall. 

By the way, this was only about 10 banks in total, and I do remember that the Coop was a right pain as the 'faster payment' could take up to 10 mins to show up. Whereas all the others were credited the moment I logged out of the 'sending' bank's app and into the 'receiving' bank's one.

Thanks for the response. 

May well be that I have to continue as I am. Still, no harm in looking in to alternative possibilities. 

Missmargaret

My approach to automation is to fund weekly rather than monthly. If I need to fund £1,000 per month, I make a weekly payment of slightly more than £250.
I have a Virgin Money M account in which I have deposited £1,000 to take advantage of the interest rate.  I have one or two of these transactions each day of the week.
As I always have a float with Virgin the accounts which need funding receive funds and have available cash to return the  same amount to Virgin later the same day. 

Hence I receive the interest from Virgin which is calculated on the end of day balance (£1,000), meet the funding requirements of my other accounts and have an automated process.

Hope this helps.

B0bbyEwing

Well I contacted banks who aren't obsessed with phone calls & who provide you with a messaging feature as part of their online portal
Santander
Nationwide
HSBC

Only 1 of which is part of my cycle but hey ho.

Anyway I gave them the scenario and story short, as suspected - weekends WOULD be a problem, as would bank holidays.

Which I think leaves me only 2 options:
1) Keep doing it manually - which I don't want to but will have to do if I want to keep benefitting from perks.
2) Take the earlier suggestion of weekly standing orders on Tues-Weds-Thurs, bypassing bank holidays & weekends.

Now I'm going to dummy run this here to see if I get it. Typically 4 lots of Tues-Thurs in a month....

9 accounts (3x Halifax, 3x Lloyds, 2x Nationwide (me), 1x Nationwide (wife))

Week 1:

Tues: A (donor: chase) - B
Weds: B - C
Thurs: C - D

Week 2:

Tues: 

Ahh, just realised an issue. If these are weekly standing orders then A will be paying B every Tuesday, B will be paying C every Wednesday & I'll only be wanting that to happen once per month not every week. Some accounts would wind up with no funds to cover on some weeks.


Oh well, it was worth an ask. Looks like I'll have to stick with manual payments as there's too many accounts to automate it.

Eco_Miser

B0bbyEwing said:

Ahh, just realised an issue. If these are weekly standing orders then A will be paying B every Tuesday, B will be paying C every Wednesday & I'll only be wanting that to happen once per month not every week. Some accounts would wind up with no funds to cover on some weeks.


Oh well, it was worth an ask. Looks like I'll have to stick with manual payments as there's too many accounts to automate it.

You can have 28 day standing orders, so they mostly happen once a month, and occasionally £3000 goes through in a month. Christmas, Boxing day and following New Year may need manual adjustments occasionally.

Tues1 A->B->C

Wed1 C->D->E

Thur1 E->F->A

leave the money in the Chase account over the long weekend.

Tues2 A->G->H

Wed2 H->I->A

assuming that each bank will re-try an SO at least once (read the T&Cs, they describe the policy) .

B0bbyEwing

Eco_Miser said:

B0bbyEwing said:

Ahh, just realised an issue. If these are weekly standing orders then A will be paying B every Tuesday, B will be paying C every Wednesday & I'll only be wanting that to happen once per month not every week. Some accounts would wind up with no funds to cover on some weeks.


Oh well, it was worth an ask. Looks like I'll have to stick with manual payments as there's too many accounts to automate it.

You can have 28 day standing orders, so they mostly happen once a month, and occasionally £3000 goes through in a month. Christmas, Boxing day and following New Year may need manual adjustments occasionally.

Tues1 A->B->C

Wed1 C->D->E

Thur1 E->F->A

leave the money in the Chase account over the long weekend.

Tues2 A->G->H

Wed2 H->I->A

assuming that each bank will re-try an SO at least once (read the T&Cs, they describe the policy) .

Thanks. 

After I got the confirmation from the bank that it was a no-go, I put my own workaround in place.

More manual payments than I wanted to do but I've automated some of it so it's better than it was.