[steveky]

just received alert that a standing order going out today will incur charges due to lack of funds, do tesco pay standing orders on a Sunday? Because, the bank paying money in by standing order nor any other bank I know don't and wait until the Monday

[StephenH]

FPS is an industry wide service, however I cannot comment on how other banks use this service I'm afraid. The only thing I can confirm is that a Faster Payment doesn't have a maximum timescale to arrive, although we expect FP transfers to arrive in the destination account within 2-24 hours.

You may want to check with your bank on how they are transferring the funds to your Tesco Bank account as they may use a BACS or CHAPS transfer that rely on business days.

[StephenH]

Hi ,

Standing Orders don't stop during non-business days as they run by the Faster Payment Service which operates 7 days a week.

Hope this helps.

Stephen

[steveky]

Is tesco the only bank that fps do this for? Because the bank paying into tesco by standing order will pay in tomorrow even though it's set for the 11th

[unwina]

I'm not sure that S/O do go via Fp - the reason I query this is that my wife has a S/O for £750 going from her Tesco A/C which recently went to Lloyds current A/c. In tesco it left on Sat but in Lloyds it didn;t hit until Mon. This means that if it were to be going via F/P then it failed F/P 24 hr rules you quote

[AinsleyC]

Hi , I'm sorry to hear about this. Standing orders should be sent via faster payment, and we would expect the funds to be with you within 24 hours. If this hasn't been the case, please get in touch with our Current Accounts team on 0345 835 3353 (24/7) and one of our advisers will be able to look into this for you.

[unwina]

I'm ok with it, at least it hasn't actually resulted in any losses of interest etc. as we both have tesco accounts i'm going to move S/O over to my Tesco A/C and remove the one that way we can just have reciprocal S/o's. My account is older than hers so she needs to satisfy the interest rules and I don't. Also no matter what day it is the S/O will cross paths and thus allows us to have £3000 in the accounts rather than £750 buffers to prevent losses.My thanks for your clarification, I've just checked at the LLoyds end the i/c amount is in fact classed as a F/P coming in. So I guess lloyds are actually taking 2 days worth of Interest at my expense on that one. I'll check with lloyds to see when it actually arrives.

[AinsleyC]

No problem, . Let me know if there's anything else I can assist you with.