Lloyds standing orders

Descrabled

I have a couple of standing orders that are scheduled to be paid on the 30th of each month. Upon checking my account it shows these to be paid a day early on the 29th February. Obviously there is no 30th in February so for some reason Lloyds have decided to pay a day early rather than the 1st March. Not what I expected to occur.

I can, of course, amend the standing orders to 1st March and then amend later to 30th March onwards.

Similarly I have a direct debit (English heritage) that was last paid on 31st January and Lloyds predict it will be paid on the 29th February: it probably will.

lr1277

Sorry to be blunt, but do you have a question?
What happens when a payment falls on a weekend/bank holiday? Do Lloyds then send the money the next working day? Is that the basis of your expectation?

Personally I prefer money leaving my account at the start of the month because those dates exist every month. None of this messing around even if the end of the month is when I get paid.

fatbelly

That seems to be the logical thing. There is no 30th, so pay it on the 29th.

Descrabled

No question, just an observation.

All my banks follow the simple logic that if a standing order or direct debit payment is scheduled on a non working day then it is paid on the next working day. A pension or benefit payment would be credited on the earlier working day.

I wrongly assumed that a payment scheduled on 30 February would consequently be paid on 1 March.

penners324

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

Shakin_Steve

penners324 said:

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

But, unless the receiving bank is a 'newer' bank, it won't be credited until the next working day.

On-the-coast

@descrambled - it’s an interesting observation, that I’d never considered (I’m a long time Lloyds customer).
So by same logic a SO set to pay on 31st of month would recur on 30th, 29th or 28th in shorter months. 

Rob5342

penners324 said:

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

I agree that Lloyds are old fashioned, but if the date you set for the transfer doesn't exist then the bank will need to decide when to pay it. You either need to check the banks policy or simply use dates that are 28 or less.

Rob5342

Shakin_Steve said:

penners324 said:

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

But, unless the receiving bank is a 'newer' bank, it won't be credited until the next working day.

That's not true for us. My daughters account is with Nationwide who must be the most antiquated, out of date current account provider there is, but Monzo standing orders made at the weekend show up in her account straight away.

jackieblack

penners324 said:

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

But they still couldn’t pay anything on 30th February as the day doesn’t exist

Shakin_Steve

Rob5342 said:

Shakin_Steve said:

penners324 said:

That's the problem with using banks with antiquated back office systems.

The newer banks will make the standing order on the date you tell them regardless if it's a weekend or not

But, unless the receiving bank is a 'newer' bank, it won't be credited until the next working day.

That's not true for us. My daughters account is with Nationwide who must be the most antiquated, out of date current account provider there is, but Monzo standing orders made at the weekend show up in her account straight away.

It will show up, but the date of the transaction on statements will show as the next working day. If I make a payment into my Barclays account on a Saturday, it shows up straight away but, in the list of transactions, the date is the following Monday.