£1500 pay in Question

Branagorn

TLDR version.
Does the £1500 (or part payments thereof) have to ‘sit/settle’ in said account overnight to qualify as having been paid in?

Over.

For the past year, I’ve had a bit of money sat in both a Lloyds and Halifax account and had a standing order set for the 1st of every month, that saw them ‘swap’ £1501 into one another (always had this superstition about it needing to exceed the threshold, anybody else do this?), satisfying part of their bonus/refunded account fee terms.

I’ve now drained both these accounts, and may need to take a bit more of a manual approach around pay day, and possible have to do a bit of a Hokey Cokey (in-out-in several times), until I save up enough money to standing order it again.

When I did this manually this month on Jan 1st.  I saw the payments posted as Jan 3rd, my assumption being this is to do with the bank holidays, and wasn’t sure if when then payment did take place in the future, having no funds in there would mess stuff up.

My question is this….Does the £1500 (or part payments) have to ‘sit/settle’ in said account overnight to qualify as having been paid in.  I’m 90% sure this is an idea I’ve conceived in my own head and not necessary, but I’d feel better if u saw somebody either answer it, or wonder it themselves.  I’m sure somebody else might benefit from seeing this answered..

Placitasgirl

No, as the funds are available as soon as they "hit" the receiving account they do not need to remain in the account overnight. You can transfer them in and straight back out again. I'm a former Lloyds member of staff and have transferred into and straight out between Lloyds and Halifax accounts for years. 

Katiehound

and of course it does not have to be £1500 in one payment. In theory it could be £1 x 1500- which would be a tad fiddly.

For my Halifax I transfer 1,500 from A to B, then B to C, then back to A- in about 10 minutes all told- if that!
You can see the transaction on the statement when it has happened.

Jami74

Branagorn said:

had this superstition about it needing to exceed the threshold, anybody else do this?

My question is this….Does the £1500 (or part payments) have to ‘sit/settle’ in said account overnight to qualify as having been paid in.  I’m 90% sure this is an idea I’ve conceived in my own head and not necessary, but I’d feel better if u saw somebody either answer it, or wonder it themselves.  I’m sure somebody else might benefit from seeing this answered..

Never occurred to me that I needed to exceed the threshold, I pay in exactly £1500.

On the first day of every month (regardless of whether it is a bank holiday) I transfer £1500 around all of my accounts, as soon as I can see it in the account I transfer it on to the next account. I've been doing this for more than a year now. For most of my banks the transfer is instantaneous.

BeachNut

A credit is a credit whether the funds stay in the account 1 day or 1 second. I always transfer in and out again within a minutes and never had any issues EXCEPT WITH CITIBANK UK - their system can't the recognise the 'credit' until a batch runs overnight, so if you transfer out again on the same day, they charge you the monthly fee. Their T&C's do not say anything about the credit having to stay in the account overnight so they are not following their own is T&Cs so just refer them to the Ombusman if they refuse to refund.

ColdIron

The payment only needs to be in the account for a shake of a nanny goat's tail

jimjames

Branagorn said:

TLDR version.
Does the £1500 (or part payments thereof) have to ‘sit/settle’ in said account overnight to qualify as having been paid in?

Does your bank specify that your wages need to stay in the account for a period of time before you can spend them? If not (and I'm not aware of any that do) then there isnt a restriction on deposits staying.

phillw

Jami74 said:
On the first day of every month (regardless of whether it is a bank holiday) I transfer £1500 around all of my accounts, as soon as I can see it in the account I transfer it on to the next account. 

I do the same, but I believe I've had an £1800 requirement at some point and so that is what I am for.

However, as I do it on the first of the month and my DD also sometimes go out on the 1st then I just send a much higher value round that should leave enough money to meet all the requirements as it goes round.

Katiehound

My HSBC a/c used to require £1750- then they removed that condition.
 I had £1,000, £500 & £250 doing the rounds except the £250 went directly into their RS.

Jami74

phillw said:

However, as I do it on the first of the month and my DD also sometimes go out on the 1st then I just send a much higher value round that should leave enough money to meet all the requirements as it goes round.

Yes, some months I start with more and leave bits of money in various accounts to cover things. I was just trying to explain it simply for the OP. 

surreysaver

What does TLDR mean?