Does a payment to someone else's bank account get there immediately if they're with the same bank as me?

Question

Just wondering - my landlord has just changed his bank details and is now with HSBC, as am I. Am I correct in thinking that because we're with the same bank, payments should be credited the same day and therefore I can change my standing order so that my rent is going out on the last day of the month so that it is in his account for the first, instead of paying on the 27th as I used to do to ensure that he had it for the first?

Answer 1

I think it would be wise to check with your bank, they may have a particular policy. If it were me, I would always allow at least an extra day from what they tell you, just in case. I believe it pays to be cautious.

Answer 2

truthfully, you should ask your bank.

Banks have ood systems for deciding what gets paid kirst, what gets charged first, etc.

and even though they could make it happen electronically as soon as the transfer document comes in, some dont "post things till 6, 8 or 19 at night.

so, like I said, call your  bank, explain it, ask the same question you asked us.

THEN ask if there is any circumstance that could mess it up.  

Answer 3

No it won't be immediate. The batch typically processes at midnight evreynight (weekends not included). So his deposit will most likely be immediately available to him, but the process of taking from your account won't be in effect until the next day.  

Answer 4

I have no idea where "Number 2" is talking out of. I suspect it is her bottom.

The S/O will clear that day (overnight actually) ...

xx VP

Answer 5

You're right, it should go in on the same day.

Answer 6

If you deposit cash into his account it will show up immediately. any other method has a processing time.  

Answer 7

it will do if ur with the same bank and if u have funds in ur account

Answer 8

same bank to same bank transfers happen instantly.

if u transfer money to a different bank to yours it takes 2-3 HOURS... it used to take days.

Answer 9

You are correct - the first time the payment is made, there may be a delay of up to a day, but after that, it'll not only go the same day, but immediately.

Double check with the bank, as some business accounts still take a few days to clear.