Bank Accounts that function on weekends?

AmityNeon

RG2015 said:

AmityNeon said:

gt94sss2 said:

Banks do not process standing orders on weekends. It's part of the standing order rules.

An antiquated relic of a rule, hence why the 'challenger' banks don't bother with it. Ever since Standing Orders switched to the Faster Payments System, there hasn't been a technical reason to restrict them to working days.

Metro Bank is the worst; you can't even schedule a standing order if the upcoming date of your desired monthly day falls on a weekend. E.g. 25th Feb 2023? Nope, that's a Saturday, so the first payment must be 25th April 2023, and you'll have to make alternative arrangements for Feb/March (e.g. create a second standing order for two 27th payments, or schedule two individual advance payments).

Antiquated it may be, but rules are rules even if you don’t like them.

What's the purpose of that response? That rules and regulations should never be questioned or challenged?

How many people would prefer traditional banks to process standing orders on all days?
How many people would prefer challenger banks to fall in line and implement rule-based standing orders, restricting processing to working days only?

gt94sss2

AmityNeon said:

gt94sss2 said:

Banks do not process standing orders on weekends. It's part of the standing order rules.

An antiquated relic of a rule, hence why the 'challenger' banks don't bother with it. Ever since Standing Orders switched to the Faster Payments System, there hasn't been a technical reason to restrict them to working days.

Those organisations are not sending them as standing orders on a weekend.

Starling make this pretty clear on their website:




If you want standing orders to be sent every day.. fine but change the rules for all to do so - not have a handful of organisations do something different by themselves  - otherwise you end up with the confusion that the OP has.

AmityNeon

gt94sss2 said:

AmityNeon said:

gt94sss2 said:

Banks do not process standing orders on weekends. It's part of the standing order rules.

An antiquated relic of a rule, hence why the 'challenger' banks don't bother with it. Ever since Standing Orders switched to the Faster Payments System, there hasn't been a technical reason to restrict them to working days.

Those organisations are not sending them as standing orders on a weekend.

Where did I say they were?

lr1277

This raises an interesting question for me at least.

FP can arrive at the end of the next working day.

So a FP disguised as a SO could theoretically arrive and be processed on Monday or perhaps even Tuesday?

As SO/DD's are sent on a weekday, will they be received and processed that same day? Or is there some leeway for the recipient to process them?

Band7

gt94sss2 said:

eskbanker said:

RG2015 said:

Band7 said:

Deleted_User said:

Standing Orders shouldn't be sent on non-working days 

Why not ?

I think the point is that SOs and DDs are currently never sent on a non working day.

If a bank unilaterally did this it would create financial confusion. I like certainty for my financial transactions.

That is not to say that banks should never consider agreeing to change this. But I believe that it would need to be consistent across all players in the banking sector.

But it's not consistent, as highlighted earlier in the thread, i.e. some do and some don't process at weekends!

If any individual institution was to change its policy, this should be communicated to customers....

Banks do not process standing orders on weekends. It's part of the standing order rules.

Banks which are sending payments on weekends are actually sending them as faster payments even if they incorrectly call them standing orders.

That's semantics, as far as customers are concerned. Scheduled payments are commonly referred to as SOs, and several banks are processing them at weekends and bank holidays, regardless of what they are called. Tesco Bank was the first I remember doing it, when they still did current accounts. Starling Bank, Monzo Bank, Chase Bank, Kroo Bank are all processing them regardless of what day of the week it is.

I am sure the 'dinosaurs' will eventually follow suit but it will take a long time. Until then, people may encounter problems if they have set up a string of SOs. I doubt it will affect many people though - it's only those who play the multiple current account game, and only a small proportion of them. Basically it's a non-issue IMO.

Band7

RG2015 said:

I wasn’t aware that any banks processed DDs and or SOs at the weekend.

I don't think DDs are processed on non-working days

AmityNeon

gt94sss2 said:

If you want standing orders to be sent every day.. fine but change the rules for all to do so - not have a handful of organisations do something different by themselves  - otherwise you end up with the confusion that the OP has.

No. Banks are not required to offer rule-based (i.e. restricted) 'standing orders'. Customers care about functionality, not terminology. If every bank ditched 'standing orders' then no one would even care about changing the rules of a service that wasn't even used.

RG2015

AmityNeon said:

RG2015 said:

AmityNeon said:

gt94sss2 said:

Banks do not process standing orders on weekends. It's part of the standing order rules.

An antiquated relic of a rule, hence why the 'challenger' banks don't bother with it. Ever since Standing Orders switched to the Faster Payments System, there hasn't been a technical reason to restrict them to working days.

Metro Bank is the worst; you can't even schedule a standing order if the upcoming date of your desired monthly day falls on a weekend. E.g. 25th Feb 2023? Nope, that's a Saturday, so the first payment must be 25th April 2023, and you'll have to make alternative arrangements for Feb/March (e.g. create a second standing order for two 27th payments, or schedule two individual advance payments).

Antiquated it may be, but rules are rules even if you don’t like them.

What's the purpose of that response? That rules and regulations should never be questioned or challenged?

How many people would prefer traditional banks to process standing orders on all days?
How many people would prefer challenger banks to fall in line and implement rule-based standing orders, restricting processing to working days only?

I inferred from your post that you thought that people could ignore this rule if they wanted because it was outdated.

If my inference was incorrect, I apologise.

I also think that it is incorrect for challenger banks to call a payment a Standing Order when it is not a Standing Order.

Equally though, you inferred that the purpose of my response was to suggest that rules  should never be questioned.

I guess we both read too much into each other's posts.

RG2015

Band7 said:

RG2015 said:

I wasn’t aware that any banks processed DDs and or SOs at the weekend.

I don't think DDs are processed on non-working days

Neither do I. 

I was just following on from what eskbanker said. Having re-read his post he was not specific.

But neither did I think SOs were processed on non working days but apparently that is just semantics.

RG2015

Band7 said:

gt94sss2 said:

eskbanker said:

RG2015 said:

Band7 said:

Deleted_User said:

Standing Orders shouldn't be sent on non-working days 

Why not ?

I think the point is that SOs and DDs are currently never sent on a non working day.

If a bank unilaterally did this it would create financial confusion. I like certainty for my financial transactions.

That is not to say that banks should never consider agreeing to change this. But I believe that it would need to be consistent across all players in the banking sector.

But it's not consistent, as highlighted earlier in the thread, i.e. some do and some don't process at weekends!

If any individual institution was to change its policy, this should be communicated to customers....

Banks do not process standing orders on weekends. It's part of the standing order rules.

Banks which are sending payments on weekends are actually sending them as faster payments even if they incorrectly call them standing orders.

That's semantics, as far as customers are concerned. Scheduled payments are commonly referred to as SOs, and several banks are processing them at weekends and bank holidays, regardless of what they are called. Tesco Bank was the first I remember doing it, when they still did current accounts. Starling Bank, Monzo Bank, Chase Bank, Kroo Bank are all processing them regardless of what day of the week it is.

I am sure the 'dinosaurs' will eventually follow suit but it will take a long time. Until then, people may encounter problems if they have set up a string of SOs. I doubt it will affect many people though - it's only those who play the multiple current account game, and only a small proportion of them. Basically it's a non-issue IMO.

If banks commonly used continuous payment authorisations in preference to direct debits would this make direct debits obsolete like standing orders?