Bank Accounts that function on weekends?

Band7

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.

Being in a battle right now with my gas/electricty supplier over my DD amount, there would be very little chance I would ever authorise them to take money from my account by OB. It would require the equivalent of the DD guarantee to start with, as well as a guarantee that planned payments would be pre-advised, and that the utility companies are not snooping in my account. These are just my requirements as a consumer - probably could be satisfied but the cost for companies to migrate from DD to OB would be astronomical (when added up across all DD users), with questionable ROI. 

35har1old

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 Thought Metro Bank would have been classed as one of the new banks. Of course it is on the High St