NFR: Standing Orders

[Berserker]

I noticed yesterday that a long running standing order from my current account to my joint account hadn't happened even thought it's dated the 1st of the month, e.g. 1st Sept. I looked today and it still hadn't happened.  I phoned up the Co-op Bank and was told by two different customer advisers that standing orders don't go out at the weekend, so whatever day you have set it up to transfer it will only happen if it falls in the working week.

Is that common to all banks? I haven't noticed it before and have had a Co-op bank account for 35 years. Funny thing is that my husband did a on-line transfer yesterday and I paid a electric bill and they both went out of the accounts, and the transfer into the joint account. Seems it's only standing orders that are an issue, possibly direct debits I suppose

Sorry this isn't football related but I felt like a windge  :56:

[epsomraver]

As far as my limited knowledge of banking goes standing orders are activated on the nearest working day and they differ from Direct debits in that the money has to be in the account 24 hours before the date otherwise they will not pay it, D/Ds are different as you can pay money in up to 3pm and they will still pay it, I suggest you cancel your S/O's as i was advised to by my manager and set up D/D's.

[Berserker]

As far as my limited knowledge of banking goes standing orders are activated on the nearest working day and they differ from Direct debits in that the money has to be in the account 24 hours before the date otherwise they will not pay it, D/Ds are different as you can pay money in up to 3pm and they will still pay it, I suggest you cancel your S/O's as i was advised to by my manager and set up D/D's.

Can you do D/D's from one Co-op bank account to another Co-op one I have e.g. My Co-op current to my Co-op joint?

[epsomraver]

As far as I know you can, I do with lloyds TSB but Coop bank may be different, give them a ring?

[Berserker]

Will do ta

[Airfix]

Standing Orders are for a fixed amount to be sent on a nominated day on a regular basis (not just monthly). If the day they are supposed to go is not a working day, they go the next possible working day. Anyone can set up a SO from their account to any other account. Responsibility to cancel remains with the originating account holder.

Direct Debits are subject to the Direct Debit Guarantee Scheme and only companies who have signed up to this can operate them. Essentially, it is an open debit to the company where they can just debit your account with the required amount to settle the bill. The Scheme requires that they should be able to prove that you owe them this money should they be asked. This stops them from just debiting your account willy nilly. You can cancel a Direct Debit at any time but, if you still owe the company money and you do not settle the bill in another way, you could be liable to legal action should your account fall in arrears. The debit is made on an agreed date with the company (again, the company should prove this if asked, under the DDGS) and is made on the next available working day if the due date is not a working day.

General rule of thumb regarding non-working days: those who pay you (employer, government etc) should remit so that the value is credited the working day before the due date, if the due date is a non-working day. Payments from your account (DDs, SOs etc) on the next working day.

(from my memory of having once worked in a bank)

[Me-ate-Live, innit??]

Barclays are no longer doing Standing Orders
I had one and they notified me in June to make alternate arrangements
Perhaps other banks are doing the same