Scheduled Payments Processing Times


#1

Can anyone please tell me when scheduled payments normally get processed and leave the account. Will it be quicker to execute a faster payment or do scheduled payments leave just after midnight on the new day they’re supposed to leave or do they get processed later on in the day.

Thanks


#2

In particular I’d be interested to know if standing orders leave on non working days?


#3

They get processed at 00:30 in my experience, but if you don’t have enough funds at that point, tgell wait until you have funds and process it as soon as you do, with a cut-off point of 4pm. Scheduled and immediate payments are all Faster Payments, so there is no speed difference.


#4

In my experience:

  • Faster payments are credited instantly
  • Salary (and similar) are credited soon after midnight
  • Direct debits are debited soon after half-past midnight
  • Scheduled payments and standing orders are debited soon after 1am

#5

That has been my experience as well. My Direct Debits go out at 00:30 and Standing Orders at 01:00. Inbound BACS usually clears immediately after midnight.


#6

Yes as others have said:

  • Faster payments apply to your account when we receive them
  • Direct credits are applied right after midnight (to ensure you have any money you are receiving before we attempt to deduct payments out)
  • Direct debits are first attempted around 00:30. If you don’t have enough money, we send a push notification to advise you to fund the account before 4pm if you want to make a payment. These notifications are sent in the morning so we don’t wake you up!
  • Scheduled payments (standing orders) are first attempted at 01:00, again we notify at a sociable hour if you have insufficient funds, and we will make the payment if you transfer money into the account before the end of the day

Scheduled faster payments work 7 days. The BACS scheme for direct debits and credits only processes payments on working days so will you not receive or pay these at weekends.

Hope that answers the questions!

Sam