Where is the money just now?

Martha_Ruby
Martha_Ruby Posts: 4 Newbie
in Budgeting & bank accounts
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.
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Comments

  • molerat
    molerat Posts: 31,849 Forumite
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    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.
  • Neil_Jones
    Neil_Jones Posts: 8,913 Forumite
    First Anniversary Name Dropper First Post
    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
    Martha_Ruby Posts: 4 Newbie
    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
    YorkshireBoy Posts: 31,541 Forumite
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    Are you saying his wages hit his account on a Saturday? That would be very unusual.
  • keef-WhatStandards
    keef-WhatStandards Posts: 286 Forumite
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    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
    xylophone Posts: 44,393 Forumite
    Name Dropper First Anniversary First Post
    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
    Martha_Ruby Posts: 4 Newbie
    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
    Martha_Ruby Posts: 4 Newbie
    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
    Eco_Miser Posts: 4,708 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    molerat wrote: »
    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.
    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
    born_again Posts: 14,415 Forumite
    First Anniversary First Post Name Dropper
    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.
    Life in the slow lane
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