Current account - query on standing orders

But what date were they listed under? I've noticed this sort of thing, but with tomorrow's date on them. Don't know about interest calcs, but I doubt you should worry, despite all the conspiracy theorists that'll start crawling out.

Tiddy Ogg.

I think you will find that the date is marked as the arranged date. If so your concerns about interest are groundless. However as an aside be aware that some Direct Debit mandates specify that when the normal day of collection falls on a non banking day the payment will be collected on the day before. Some mandates specify the day after.

Jim A

I've noticed that as well. It seems to be the case that an SO due to leave on any particular day will sometimes be visible as an outgoing payment after close of business on day -1, but with the action date set to the correct date.

I presume this is done so that scheduled outgoing SO payments have first priority on the account - the money will be gone first thing in the morning, before any other payments (such as DDs and cheques) are processed and hence are least likely to fail due to lack of funds. In that respect, it makes sense, but I don't know how it would affect the availability of funds for, say, an ATM withdrawal or debit card payment that evening.

Mark

Interestingly enough they aren't listed at all. The account register does not show the standing order transactions, but the balance shown as available to me has been reduced by the amount of the two standing orders.

Even if there are no implications interest wise, I am a bit miffed that I have been denied access to my money for possibly up to 24 hours - all to the benefit of the bank of course. Somehow I doubt that the clearance time of the SOs will be reduced to compensate :)

I know the banks are businesses and have to make money, but is there no end to the lengths they will go?

Bitstring , from the wonderful person Trust No One® said

Check again tomorrow, you may well find the date has changed. Everything going in/out of my bank (Smile) on non banking days gets a new date every day, until we finally arrive at a banking day.

As far as I knew if you set up a standing order for a certain date then the bank would pay it on that date or the next banking day. If you set a standing order for the last day of the month they would pay it on that date or the last bank day of the month.

If you set up a direct debit the supplier would usually say they would take it on a certain date or if that wasn't a banking date the last banking day earlier. I think my mortgage is stated like that even though they have always taken the money after the weekend or the bank holiday.

Peter

It will almost certainly make that money unavailable for this.

tim