Santander Faster Payments reliable?

[Mise Eire]

I have a Santander basic account on which i will need to setup several standing orders to pay amounts between 50 and 250 on a specific date in which my pay goes into this account .

 

My question is how reliable is their faster payments service? There would be penalties set by my creditors if they did'nt receive the transfer on the same day.

[maroondevo52]

Hello and Welcome,

 

Can't you set up the standing orders to go out the day after your pay goes in.

 

Quote from Santander.........."Most payments will normally arrive on the same day that we process them. However, some may take up to the end of the following working day to credit the destination account".

[Mise Eire]

Thanks for that info

[Mise Eire]

I have another related question

 

My account is empty until i have my wages payed in on the 27th of the month( they normally get paid in at 1\2 am in the morning).

If I set up a standing order for the 27th, could the bank attempt to send it before theres money in the account or do they wait until a certain time of the day?

[maroondevo52]

Hi,

 

I'd think it would be better to set up your standing orders for the 28th you never know if there will be some sort of delay, they won't be shy hitting you with charges.

I know in the past it was always better having funds available in your account the day before anythings due to come out.

[lookinforinfo]

You could still have problems by only putting back the outgoing payment by one day.

 

For instance if the 27th falls on a Sunday and there is also a bank holiday on the Monday your salary won't arrive till the Tuesday.