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    • Martha Ruby
    • By Martha Ruby 13th Oct 19, 8:34 AM
    • 4Posts
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    Martha Ruby
    Where is the money just now?
    • #1
    • 13th Oct 19, 8:34 AM
    Where is the money just now? 13th Oct 19 at 8:34 AM
    My husband transfers a large proportion of his monthly wage to my account. I pay the large bills from this. The money is transferred to mine on the 12th of the month and from mine to bills on the 13th.

    The 12th this month is on a Saturday. Money has left my husband's bank account, therefore is not available in his. But has not gone into mine. I have had a text from my bank reminding me my bills are due off on the 13th and I dont have the funds to cover it.

    My husband phoned his bank and they said money won't reach mine till Monday 14th (next working day)

    My question is - where is my money right now? It seems very unfair that money is being taken over a weekend but not given........someone is obviously benefiting from this and it's not us.
Page 1
    • molerat
    • By molerat 13th Oct 19, 8:38 AM
    • 21,527 Posts
    • 15,781 Thanks
    molerat
    • #2
    • 13th Oct 19, 8:38 AM
    • #2
    • 13th Oct 19, 8:38 AM
    What date is logged in his account ? When I transfer at the weekend it usually goes from the account straight away but is logged as the Monday, same with the receiving bank so any interest or charges are only effective from the Monday. Banking has always worked like this.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • Neil Jones
    • By Neil Jones 13th Oct 19, 8:39 AM
    • 2,898 Posts
    • 2,085 Thanks
    Neil Jones
    • #3
    • 13th Oct 19, 8:39 AM
    • #3
    • 13th Oct 19, 8:39 AM
    It'll be in clearing. This means it takes up to three days to appear in the destination account.

    If it was faster payment it would have been there, 99% of the time, the same day.

    Note that as a general rule I presume by "bills" you mean direct debits. These quite often don't go until a weekday anyway so if the money is due in your account on Monday and the bills won't go out until Monday, the problem should solve itself.

    Perhaps it might be wise to ask your husband to transfer a day or so earlier to avoid issues like this?
    • Martha Ruby
    • By Martha Ruby 13th Oct 19, 9:32 AM
    • 4 Posts
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    Martha Ruby
    • #4
    • 13th Oct 19, 9:32 AM
    • #4
    • 13th Oct 19, 9:32 AM
    Thanks, he can't send earlier as he sends it on payday which is 12th of the month. I'll need to change direct debit dates to a couple of days later I think. I still thinks the system is a bit skewed against the customer.
    • YorkshireBoy
    • By YorkshireBoy 13th Oct 19, 9:37 AM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    • #5
    • 13th Oct 19, 9:37 AM
    • #5
    • 13th Oct 19, 9:37 AM
    Are you saying his wages hit his account on a Saturday? That would be very unusual.
    • keef-WhatStandards
    • By keef-WhatStandards 13th Oct 19, 9:52 AM
    • 256 Posts
    • 25 Thanks
    keef-WhatStandards
    • #6
    • 13th Oct 19, 9:52 AM
    • #6
    • 13th Oct 19, 9:52 AM
    Quite often get this sort of thing. Especially between banks and building societies. Do they have different rules, seeing as BSs open on Sat. I wonder?

    The CoOp for example, quite often show transactions resulting in overdrawn, despite the amount being credited before the amount is debited. I think their system just processes debits before credits. I have questioned this in the past, but never been charged.
    Keef - Sheerness, Kent UK
    • xylophone
    • By xylophone 13th Oct 19, 12:12 PM
    • 31,605 Posts
    • 19,596 Thanks
    xylophone
    • #7
    • 13th Oct 19, 12:12 PM
    • #7
    • 13th Oct 19, 12:12 PM
    Why must the DDs be paid from your account rather than your husband's?

    Had you considered opening a joint "cashback" type account for the payment of household DDs?

    You could then each have a payday (presumably a weekday) SO from both your current accounts to the joint account for the payment of DDs.

    Example

    https://www.santander.co.uk/personal/current-accounts/123-lite-current-account
    • Martha Ruby
    • By Martha Ruby 13th Oct 19, 12:22 PM
    • 4 Posts
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    Martha Ruby
    • #8
    • 13th Oct 19, 12:22 PM
    • #8
    • 13th Oct 19, 12:22 PM
    Yorkshireboy - wages go in on the 12th. If the 12th is a weekend day they go in on the Friday. Standing orders are set for the 13th. My Standing orders were actually taken from my account today (sunday) husbands standing order has also been taken but has not yet reached my account. In order to make my payments I had to transfer money from my savings account or I'd have been stumped. Husbands account is Clydesdale Bank, mine is Nationwide.
    • Martha Ruby
    • By Martha Ruby 13th Oct 19, 12:26 PM
    • 4 Posts
    • 0 Thanks
    Martha Ruby
    • #9
    • 13th Oct 19, 12:26 PM
    • #9
    • 13th Oct 19, 12:26 PM
    There's no reason why it is the way it is. I've always kept track of the finances/bills/savings - old school I suppose lol. Hubby takes care of all the car stuff for both cars.
    • Eco Miser
    • By Eco Miser 13th Oct 19, 12:29 PM
    • 3,525 Posts
    • 3,297 Thanks
    Eco Miser
    What date is logged in his account ? When I transfer at the weekend it usually goes from the account straight away but is logged as the Monday, same with the receiving bank so any interest or charges are only effective from the Monday. Banking has always worked like this.
    Originally posted by molerat
    I've noticed really weird behavior from Yorkshire Bank with weekend standing orders. They go out on the Friday, and are so dated if you look over the weekend, but on Monday, everything appears to have happened on Monday, including at the receiving bank.
    Eco Miser
    Saving money for well over half a century
    • born again
    • By born again 13th Oct 19, 3:12 PM
    • 590 Posts
    • 302 Thanks
    born again
    When you set up a standing order, you choose the date it will leave your current account. If this date falls on a weekend or a bank holiday, it will be made the next working day.
    So that could be part of the problem.
    You can set them to leave on a certain day as well.

    TBH. I would always leave a few days between payment into a account and a payment going out. It only takes a IT issue at one end to cause issues. Yes you would get charges waived, but it would cause stress to most people.
    • YorkshireBoy
    • By YorkshireBoy 13th Oct 19, 5:09 PM
    • 31,015 Posts
    • 19,022 Thanks
    YorkshireBoy
    I've noticed really weird behavior from Yorkshire Bank with weekend standing orders. They go out on the Friday, and are so dated if you look over the weekend, but on Monday, everything appears to have happened on Monday, including at the receiving bank.
    Originally posted by Eco Miser
    Are you saying they're dated Friday when viewing over the weekend?...because I was going to say that this phenomenon goes back years with YB. They close off very early on a Friday (and every other day), so if you're looking online at 10:00-10:30pm on a Friday you'll see Mondays transactions...both debits and credits. In YB banking terms, 10:31pm on a Friday night is Monday. Now I'm not so sure they haven't changed things since they were my one and only bank a few years ago.
    • etienneg
    • By etienneg 13th Oct 19, 5:57 PM
    • 196 Posts
    • 171 Thanks
    etienneg
    Oh, come on! I know this is a money saving site, but let's be realistic. We are just getting too used to 'instant' transfers in some instances and seem to be expecting this for everything. It's never been that way. Perhaps one day it will, but not at the moment or for the foreseeable future.

    How much is the transfer? Let's say 1,000 (for the sake of the discussion). If you have this amount permanently in a FlexDirect account (which pays the DDs) paying 1% (i.e. after the first year) instead of a savings account (let's say paying 1.5%) it will cost only 5 per year. Then it doesn't matter about the DD dates. Any that don't pay out immediately after the transfer in means the balance will be higher in the meantime, adding to the interest.

    This is just one example of how you can easily arrange matters. Just don't expect perfection and you will save yourself a lot of worry for so little cost.
    • Ben8282
    • By Ben8282 13th Oct 19, 6:46 PM
    • 3,933 Posts
    • 2,149 Thanks
    Ben8282
    This post is intended to address the issue in general terms and makes no allowance for practices which may be specific to a certain bank.
    The fact that the OP states this is a regular transfer strongly implies to me that this is a standing order. In such cases the standing order would normally be actioned on Monday where it is due over a weekend. Note the OP was made early Sunday morning so the statement that the money has already left the husband's account does not mean it left the account on Friday or Saturday and banks do often update with transactions due to go out on Monday, although this tends to be later in the day on Sunday and not this early as far as I am aware.
    The money will be received shortly after midnight tonight.
    To OP. Surprised this has not previously occurred. Suggest changing the payment date of the standing order to ensure funds are received on time in the future. Don't tell us your husband is paid on the 11th of the month or something like that please.
    As to the original question as to where is the money now, it is still in your husband's account as the transaction will be dated Monday.
    Last edited by Ben8282; 13-10-2019 at 7:10 PM.
    • born again
    • By born again 13th Oct 19, 9:27 PM
    • 590 Posts
    • 302 Thanks
    born again
    Ben8282

    If your read the OP's post. You will pick up it was a S/O and Husband gets paid on the 12th...
    • Ben8282
    • By Ben8282 14th Oct 19, 1:57 AM
    • 3,933 Posts
    • 2,149 Thanks
    Ben8282
    Ben8282

    If your read the OP's post. You will pick up it was a S/O and Husband gets paid on the 12th...
    Originally posted by born again
    If it is a standing order then that explains everything and the money should now be in the wife's account as it is now early Monday morning. I assume that this is a new arrangement which is why they have never encountered the problem before.

    Husband paid his 'monthly wage' on the 12th of the month. All household bills due on 13th of the month from an account other than the account which receives the salary, the transfer of funds being made by standing order. An interesting, foolish and somewhat impractical arrangement which needs to be urgently reviewed to avoid ongoing difficulties
    Last edited by Ben8282; 14-10-2019 at 2:00 AM.
    • surreysaver
    • By surreysaver 14th Oct 19, 3:55 AM
    • 2,934 Posts
    • 1,625 Thanks
    surreysaver
    Ben8282 is full of assumptions
    I consider myself to be a male feminist. Is that allowed?
    • Ergates
    • By Ergates 14th Oct 19, 2:06 PM
    • 670 Posts
    • 911 Thanks
    Ergates
    My question is - where is my money right now? It seems very unfair that money is being taken over a weekend but not given........someone is obviously benefiting from this and it's not us.
    Originally posted by Martha Ruby
    Standing orders are usually done via the Faster Payments service. So, in practical terms, "where the money is" - it'll be in a suspense account in your bank - which is a type of internal (i.e. bank owned) "storage" account.
    • Eco Miser
    • By Eco Miser 14th Oct 19, 4:55 PM
    • 3,525 Posts
    • 3,297 Thanks
    Eco Miser
    Are you saying they're dated Friday when viewing over the weekend?
    Originally posted by YorkshireBoy
    Yes.
    I discovered it when using an ATM on a Saturday, when the normal date for the SO fell on the Sunday, so I was expecting it to go on Monday. Finding the balance to be half of expected is quite shocking. Checking online banking showed the SO went on Friday. Checking on the Monday, while doing the money-go-round, everything was dated Monday.
    Eco Miser
    Saving money for well over half a century
    • Ben8282
    • By Ben8282 14th Oct 19, 6:18 PM
    • 3,933 Posts
    • 2,149 Thanks
    Ben8282
    Ben8282 is full of assumptions
    Originally posted by surreysaver
    Correct assumptions though.
    Last edited by Ben8282; 14-10-2019 at 6:22 PM.
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