Bank Accounts that function on weekends?

AmityNeon

RG2015 said:

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I inferred from your post that you thought that people could ignore this rule if they wanted because it was outdated.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

Banks can ignore the rule, not because it is outdated, but because they can offer superior functionality to benefit their customers.

I agree it's incorrect to call payment types Standing Orders if they fail to follow the rules of Standing Orders, but there also isn't a rule to forbid banks from classifying them as such. Perhaps they (specifically Chase and Monzo) do so because the British are accustomed to equating the term 'standing order' (uncapitalised) with the concept of advanced payments on a repeat schedule.

Band7

I somehow doubt the DD system will change dramatically, if at all, for the next several decades. But as I am not in a decision making role, my thoughts on the this don't matter.

RG2015

Band7 said:

I somehow doubt the DD system will change dramatically, if at all, for the next several decades. But as I am not in a decision making role, my thoughts on the this don't matter.

I would have thought that we would all be on a virtual 24/7 365 much sooner than that. But that is just the way things are going.

Why are standing orders only on working days antiquated but direct debits are fine to be working day only?

Quite frankly I don't care as long as I can have certainty that banks do what they say they will do, when they say they will do it.

AmityNeon

RG2015 said:

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

The reason I inferred the purpose of your response to be suggesting rules should never be questioned, was due to your additional commentary of rules being rules regardless of personal dislike. I am not a regulated financial institution, so my opinion of a rule by which I cannot possibly abide is completely irrelevant to how different UK banks operate around it.

You could have simply said, 'rules are rules so they must be followed, antiquated as they may be'.

AmityNeon

RG2015 said:

Band7 said:

I somehow doubt the DD system will change dramatically, if at all, for the next several decades. But as I am not in a decision making role, my thoughts on the this don't matter.

I would have thought that we would all be on a virtual 24/7 365 much sooner than that. But that is just the way things are going.

Why are standing orders only on working days antiquated but direct debits are fine to be working day only?

Standing Orders use the Faster Payments Service.
Direct Debits use Bacs.

Variable Recurring Payments (via Open Banking), which utilise the Faster Payments Service, can potentially make Direct Debits obsolete.

Rob5342

35har1old said:

Rob5342 said:

35har1old said:

Rob5342 said:

A second Starling account should sort you out, or open an accoint with one of the other modern accounts like Monzo. I wouldn't bother with banks that are stuck in the dark ages.

Do they offer anything more than being able to transfer SO at weekends ?

Yes, being able to split money into pots and have bills come out of the pots. Direct debits and standing orders showing up before they come out. Budgeting features to analyze your spending. Being able to get paid a dau early in the case if Monzo. Being able to transfer money to someone that is nearby or is a phone contact without having to exchange bank details.Debit card paymens clearly shown as soon as you make them instead of being in a separate pending section for a day or two.  Splitting bills in the app. Being able to take a photo of the receipt in the app and attach it to the transaction. Being able to add notes to each transaction in the app. Being able to easily see all the transcriptions to)from a particular person/company in the app.Being able to create virtual debit cards for use online.

The old fashioned banks are adding some of these features very very very very slowly, so why not use a modern bank that has them all already?

i am afraid all these features are not important to me.
Do the pots pay interest.
How often have you used the pay nearby function

Yes, you get 3% with a Monzo savings pot. I haven't used the pay nearby function, but nor have I asked anyone new for the bank details since getting a Monzo account.

RG2015

AmityNeon said:

RG2015 said:

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

The reason I inferred the purpose of your response to be suggesting rules should never be questioned, was due to your additional commentary of rules being rules regardless of personal dislike. I am not a regulated financial institution, so my opinion of a rule by which I cannot possibly abide is completely irrelevant to how different UK banks operate around it.

You could have simply said, 'rules are rules so they must be followed, antiquated as they may be'.

Duly noted.

And that is the problem with instant messaging. It is all too easy to post in haste.

Mea Culpa. Guilty as charged.

Rob5342

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).

I remember my bank manager telling me his branch had 5 boxes for their standing orders, Monday to Friday. Each morning someone would open the day’s box and remove the cards inside. Each card was a standing order transaction which they would then enter on their ledgers, and more latterly on their computer records for each customer.

When they were manual they can clearly have only been done on working days, now everything is automated there is no reason why they can't be done any day.

RG2015

AmityNeon said:

RG2015 said:

Band7 said:

I somehow doubt the DD system will change dramatically, if at all, for the next several decades. But as I am not in a decision making role, my thoughts on the this don't matter.

I would have thought that we would all be on a virtual 24/7 365 much sooner than that. But that is just the way things are going.

Why are standing orders only on working days antiquated but direct debits are fine to be working day only?

Standing Orders use the Faster Payments Service.
Direct Debits use Bacs.

Variable Recurring Payments (via Open Banking), which utilise the Faster Payments Service, can potentially make Direct Debits obsolete.

Are Variable Recurring Payments similar to Continuous Payment Authorities?

CPAs are good in that they allow payments from credit cards but I dislike that they are not listed on banking apps or online in the way that SOs and DDs are.

AmityNeon

RG2015 said:

AmityNeon said:

RG2015 said:

Band7 said:

I somehow doubt the DD system will change dramatically, if at all, for the next several decades. But as I am not in a decision making role, my thoughts on the this don't matter.

I would have thought that we would all be on a virtual 24/7 365 much sooner than that. But that is just the way things are going.

Why are standing orders only on working days antiquated but direct debits are fine to be working day only?

Standing Orders use the Faster Payments Service.
Direct Debits use Bacs.

Variable Recurring Payments (via Open Banking), which utilise the Faster Payments Service, can potentially make Direct Debits obsolete.

Are Variable Recurring Payments similar to Continuous Payment Authorities?

CPAs are good in that they allow payments from credit cards but I dislike that they are not listed on banking apps or online in the way that SOs and DDs are.

https://www.openbanking.org.uk/variable-recurring-payments-vrps/