Standing Orders On Weekend


(Jonathon) #21

Then I suggest that the rules be changed as it makes no sense that this cannot happen in 2018.


#22

Four types of payments can be processed through the Faster Payments Scheme:

• Single Immediate Payments
• Direct Corporate Access
• Forward-dated Payments
• Standing Orders (FPS Standing Orders not BACS Standing Orders)

Forward-dated Payments can go 7 days a week but Standing Orders can only go 5 days a week.

As a work around some banks submit Standing Orders as a Single Immediate Payment each time, however I agree with you that it is crazy and the whole system needs bring up to date!


(Andre Borie) #23

Because it costs extra to pay someone to go in the machine room on weekends to put stacks of punched cards in the legacy rust.


(Jack) #24

I’d like to think they just do an internal P2P rather than cost themselves a fee to move it… but again legacy rust…

Hopefully Monzo do this also if someone did it not through payment of contacts :smiley: