A question about a standing order at the bank?

Question

Hi i was just wondering i have a standing order set up for the 1st of the month and i have just checked the bank and it has gone out today can they do that im not happy about it as my money wasnt due to go in the bank until tomorrow

Answer 1

The banking system has changed over the last year.

Check with your bank to see if it has to be with the other person on the 1st (if so it will go out of your bank a couple of days earlier.)

If you say pay it from your account on the 1st - then see your bank.

If it was the other way round would you moan?

Answer 2

usually the bank says it'll take the money "on or about" the first day of the month, that covers them.

Answer 3

Assuming you are in the US:  because Monday, the 1st, is a bank holiday, the bank has already processed the transaction.  They can't do it on the 1st as it is not a banking day.  

Generally what happens when you have a schedule set up is that when the scheduled day does not fall on a business day, they will process it on the prior business date so that the transaction will not be late.  This can actually be to your benefit if the transaction you're making must be made by the 1st.  

If it makes you that unhappy, you should contact your bank and look into changing the transaction to occur on the first business day of the month instead of the 1st.  They may be able to do that.

Good luck.

Answer 4

No, your bank has no right to allow a standing order to be sent out before the due date.

Sometimes the money may not be debited until a day or two later due to things like bank holidays, etc.

My advice is to contact your bank and ask why it was paid before the due date.

If this involved you going overdrawn and they expect you to pay charges for this, make an official complaint to them because it is their fault you have gone overdrawn due to their taking money from your account before the due date.

The reason for having a same payment date is to allow you to make sure that any money due to be paid out on that date is in your account, therefore avoiding the risk of becoming overdrawn.

This has happened to me and they tried to charge me over £30 for a very small overdraft due to their inefficiency. When I complained, I got an apology for their taking the money before they should have, and the charge was cancelled.

Poseidon  

Answer 5

hi Diddydin ~ It may be because last weekend was a Bank Holiday and the computer got a headache!  If you overdraw because of it, and they charge you interest, because they it out on the 31st instead of the 1st ~ you should write to them and explain the circumstances and that it's their fault that you went over and expect them to refund the charge. A possible answer to this problem would be to have the Standing Order set to come out on the 2nd/3rd [after your bank transfer has gone in] if this is acceptable to the company you are paying.

Hope this helps.

Answer 6

go to your bank branch and talk to them and ask why