Halifax Standing Order Q

sammyjammy

I've just set up my standing order to pay my Credit Card on payday which is 30th May, When I go back in to look at the transaction it tells me it will transfer money on 2nd June, can anyone advise me why this is, I'm not sure if this is eligible for faster payments but even if its not surely the payment should actually leave my bank on the day I request, can anyone help?

I was really hoping the payment would clear by the first which is the date my statement is prepared and would mean my balance is 0.

Sam

belisha-beacon

Is it possible that you might have set up the standing order to be paid on the last day of the month (something I have done in the past when sorting out payday payments!) If so, you might have been caught out by the fact that May has 31 days and the 31st is a Saturday, the 2nd June is the next available 'working day' from the bank's point of view so this month's payment would then default to that.

If you haven't done that, it is possible that some helpful soul at the bank has decided that even though you didn't ask for it, that is what you mean, and they have then selected that for you when they entered the details into the system. They normally have a standard list of dates for standing orders that people choose, eg 'first day of the week', 'last day of the month', 'first day of each fortnight' and so on, I think it is more tricky for them to choose something more specific so laziness or assumptions may have played a part! Probably worth contacting them to stress that you do want payments to come out on the 30th, whether or not it is the end of the month.

cifpower

I had the same problem when setting up a SO from the Halifax to my CC. If you pick a date from the 29th-31st of the month the payment doesn't leave until the first banking day of the following month.

Mikeyorks

sammyjammy wrote: »

I'm not sure if this is eligible for faster payments

No - because Halifax aren't joining Faster Payments (FP) for the first few weeks. But the problem you're experiencing is related to their code changes for FP .. which they put in a short while ago. (See this thread : http://forums.moneysavingexpert.com/showthread.html?t=883605 )

However the changes mainly impacted Bill payments (is that what you've set up???? Bit unusual for an SO to a CC !!). Didn't think they would have an effect on SOs .... other than the fact Halifax no longer process them over weekends - in line with what will happen under FP.

sammyjammy

Thanks guys,

The Standing order was set up by me online, even inputting the 30th made it default to the 2nd, I knew that the new online banking system wouldn't let you set a SO up on the same day you wanted it to leave your account which is why I tried to set it up in advance, the reason its SO is because its set up to take the minimum by DD and I then pay the extra that I can by SO, I wasn't aware that Halifax weren't taking part in Faster payments immediately, does that mean if when it does come out under the faster payments system it will leave my account on the 1st and clear with the CC company that day?

Mike - thanks for the link I'll have a good read. I don't know why everything has to be so complicated!

Sam

Mikeyorks

sammyjammy wrote: »

I wasn't aware that Halifax weren't taking part in Faster payments immediately, does that mean if when it does come out under the faster payments system it will leave my account on the 1st and clear with the CC company that day?

Halifax appear not to be joining until Autumn. At that time a FP payment leaving them will be with your CC company the same day (particularly so if it's a 'bill' payment.)

But I'm still not convinced it's a SO you have set up?
A SO is same value / same date each month? Sounds much more like a bill payment ... where you can vary the amount / date each time - but it's only activated when you choose. A SO will go on the date stated ..... it's the bill payments that now go on the next bank working day and caused the thread I pointed you at.

sammyjammy

Mike I can see why you think its a bill payment, its definitely a standing order though, with Halifax if you have online banking you're able to set up your own standing orders which means you're also able to amend them, obviously if you don't make an amendment to it the SO will take the money on the agreed date as it was last set up, thanks for all your advice, cannot believe that Halifax aren't taking part until the Autumn, any excuse to keep hold of the money a bit longer no doubt!

Sam

sammyjammy

I've just changed it from SO to a bill payment and it let me save it for the 30th, I know it still takes three days but if it gets there one day earlier at least its one days less interest to pay, frustrating though that if they had bought faster payments in today I wouldn't have to pay any interest!

Sam