Standing orders on weekends

I had a bit of an issue this weekend, housemates s transfer me their portion of rent on the 14th from their legacy banks and I have a standing order to landlord on the 15th.

Now because these fell on Saturday and Sunday this month, the standing orders haven’t reached me, but because Monzo run them at weekends, the transfer has gone through and left me overdrawn.

Could there be a toggle to run standing orders like legacy banks? Or am I just a bit unique and this problem wont be useful to anyone else?

On the basis on previous comments on here about toggles and minimising them, I would think that such an option is unlikely

There’s no global technical reason why standing orders cannot work on weekends, as you’ve seen with Monzo, so really you’ve fallen into a gap between the older banking systems and this one

Best option for now is probably to get your friends to move their standing orders a day or two earlier so that it is more likely that theirs falls before a weekend if yours is on a weekend

The irony here is your landlord’s bank probably won’t deal with the credit until tomorrow (or your legacy bank account wouldn’t have even sent the money on the weekend), meaning you could’ve paid a day late with no comeback.

Best to learn from experience and request your housemates send you their rent a few days earlier.

Good rule of thumb is never schedule transfers in within three days of a payment out, because of the quirks of the banking system in this country.

Yes, Monzo’s mission is to eliminate all this rubbish, but you are dealing with the High Streets here.

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I very much agree with the advice above, that you should have your housemates pay you in advance – i.e: their rent is due to have arrived to you by the 15th, which is the expectation for commercial payments – but for future reference, typically a tenancy agreement will declare the “late” period and usually it’s at least 7 days, meaning that you wouldn’t be due any penalties even if your payment was a few days late.

If I was in your situation I would simply cancel the ongoing standing order and make the payment every month manually once the money is in your account because there’s no adverse consequences for you if your flatmates transactions take a couple of days to clear – granted, depending on your tenancy[1], you might annoy the landlord a little, but worst case they’d choose not to renew your tenancy, you cannot be evicted for overdue rent unless you have months of arrears.

[1] Payments direct to a landlord are more likely to be used by the landlord to pay a mortgage, whereas payments via an agency are not so there’s less likelihood the landlord would even know.

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Thanks all for the advice, I’ll be asking them to transfer earlier from now on. I hadnt actually noticed Monzo standing orders run on weekends until this happened!

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Or suggest they switch to Monzo :wink:

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