future dated faster payments query

Aidanmc

If i have multiple future dated faster payments set up, but on the payment date there is not enough funds to cover all the payments are they all rejected?

I have funds arriving to a current account and payments set up leaving the account on the same day. I believe Halifax will attempt to make the payments out 3 times, once on payment morning, again around 2.30pm and once the following day.

Ergates

In general they'd be treated as independent transactions - so any that are sufficiently funded should complete.  How they're ordered will depend on how the bank has their systems configured - it might be determined by the order in which you set them up, or it might be based on some arbitrary other factor, or it might be random.   So this might impact which ones are funded.

Aidanmc

Ergates said:

In general they'd be treated as independent transactions - so any that are sufficiently funded should complete.  How they're ordered will depend on how the bank has their systems configured - it might be determined by the order in which you set them up, or it might be based on some arbitrary other factor, or it might be random.   So this might impact which ones are funded.

Thats the way i was hoping it would work,

HobgoblinBT

When return decisions were made by a bank employee rather than a machine, I was taught that you “bounce” the largest of the payments on the basis that is was likely to do less damage to the customer’s credit.  Whether this is considered correct or not that is how it was done.

Aidanmc

HobgoblinBT said:

When return decisions were made by a bank employee rather than a machine, I was taught that you “bounce” the largest of the payments on the basis that is was likely to do less damage to the customer’s credit.  Whether this is considered correct or not that is how it was done.

The payments i would be referring to, would be payments to savings accounts in my name.

HobgoblinBT

Same principle, but no potential for damage to your credit or bad consequences.