Standing Order - Timing for receiving

Rizmaxx

Hi there,

I'm a first time poster! So please be gentle!
I have been receiving a refund from a private business, that has been split up into monthly payments. The business owner has promised me that the refund is set-up as a Standing Order, on the 1st of every month.

Over the last few months, the payments have been coming in on time, on the 1st of the month, usually entering my account before midday. When the payment falls on a Bank Holiday or weekend, the payment comes in on the next working day.

This month, however, I didn't receive the refund until the evening (approximately 7pm). The payment for this month might have been prompted (or not) by a message I sent to the business owner, to check in on the payment, as it hadn't come into my account earlier in the day.

For context / info, the owner has a business account with Metro Bank, and I bank with the Halifax. 

The question I have is - can incoming payments via Standing Orders be processed in the evening (e.g. 6-7pm)? Or is the owner simply just sending the payment has a bank transfer from his Metro Bank account?

Many thanks! 

eskbanker

I'd expect actual standing orders to be processed at the same time of day each time so imagine that these payments are being made manually by faster payments.

flo22

90% of Standing Orders are processed by 6am, this could be one of the 10%

Rizmaxx

flo22 said:

90% of Standing Orders are processed by 6am, this could be one of the 10%

This was my thinking, as the other payments, in previous months were pretty spot on. Unfortunately, Halifax has no way of telling me whether it is a Standing Order or manual Faster Payment.

flo22

Rizmaxx said:

flo22 said:

90% of Standing Orders are processed by 6am, this could be one of the 10%

This was my thinking, as the other payments, in previous months were pretty spot on. Unfortunately, Halifax has no way of telling me whether it is a Standing Order or manual Faster Payment.

Halifax can tell, probably the person you spoke to didn't know.  Each payment has a Payment Type code and there is a different code for Standing Orders and Single Immediate Payment and Forward Dated Payments. 

Penguin_

Does it say "S/O" or something similar on your bank statement?

Rizmaxx

Penguin_ said:

Does it say "S/O" or something similar on your bank statement?

It just says "FPI". Which doesn't help, as I believe Standing Orders that are set-up between UK banks use the Faster Payments method for transfers anyway.

flo22

https://www.halifax.co.uk/helpcentre/identify-a-transaction/payment-codes.html  if it was a Standing Order it would be SO

Penguin_

Rizmaxx said:

Penguin_ said:

Does it say "S/O" or something similar on your bank statement?

It just says "FPI". Which doesn't help, as I believe Standing Orders that are set-up between UK banks use the Faster Payments method for transfers anyway.

All my Standing Orders that come into or out of my account are "SO" on the bank statement.

Rizmaxx

Penguin_ said:

Rizmaxx said:

Penguin_ said:

Does it say "S/O" or something similar on your bank statement?

It just says "FPI". Which doesn't help, as I believe Standing Orders that are set-up between UK banks use the Faster Payments method for transfers anyway.

All my Standing Orders that come into or out of my account are "SO" on the bank statement.

Does that include Standing Order payments that you're receiving (not outgoing), AND to other UK bank accounts. Just to check with you.

Rizmaxx

Rizmaxx said:

Penguin_ said:

Rizmaxx said:

Penguin_ said:

Does it say "S/O" or something similar on your bank statement?

It just says "FPI". Which doesn't help, as I believe Standing Orders that are set-up between UK banks use the Faster Payments method for transfers anyway.

All my Standing Orders that come into or out of my account are "SO" on the bank statement.

Does that include Standing Order payments that you're receiving (not outgoing), AND to other UK bank accounts. Just to check with you.

In other words, receiving standing order payments from a person or business current account.