Lloyds standing orders

Slinky

I would rather a payment went on 29th February than 1st March in this instance, if it's payment into a regular savings account accepting monthly payments, and being paid from salary that is paid on the last but one working day of the month. Otherwise there would be no payment in February but two in March.

It will suit some, but not others.

flo22

Are you sure the Standing Order frequency isn't Last Day Monthly?  If it is monthly on a pre-defined date it should never go before that date.

Mr.Generous

Some people set bills to be paid on the due date, if paid late - CC for example - there is a financial penalty. Better to pay a couple of days early than 1 day late.

Nasqueron

Descrabled said:

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.

Santander are the only one I have seen for a direct debit where they randomly take it early when the due date is a weekend - mine was supposed to be around the 28/29 but I had it once on the 24th!

DullGreyGuy

Standing orders typically have much more options on when you can set them up for including things like "last working day of the month" and so the date does change depending on the length of the month if you choose that option. 

DDs tend to be a fixed date from 1st to 28th, can't remember any place I worked that allowed a date after the 28th so that February didnt become a problem. 

35har1old

Descrabled said:

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.

That's down to English heritage 
Good job you not paying regular savers if you expect them to pay after the date that you set it is only correct that they pay before the date