Re: Current account - query on standing orders


"Mark Goodge" <usenet@xxxxxxxxxxxxxxxxxxxxxxxxx> wrote in message
news:u7kvf3tgumnc365g2acsua983qlt58fffr@xxxxxxxxxxxxxxxxxxxxxx

But what date were they listed under?
I've noticed this sort of thing, but with tomorrow's date on them.

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.

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?

--
Peter <X-Files fan>



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