Standing Orders - confused

Rose35

I set up a standing order to pay creche stating I needed money to be in creche account on a monday every week.
So was advised by branch that money should leave my account on a wednesday!!!! 3 day transfer from AIB to Ulster Bank.

My partner set up a standing order for money to leave his account BOI to my account AIB and it left his account on a thurs and was in my account today Friday - one day transfer.

How long does it really take and is the creche receiving money too early i.e on a thursday now and not on the monday as I had requested. Getting different answers from branch and internet banking - no one really knows!!!

chris85

Rose35 wrote: »

I set up a standing order to pay creche stating I needed money to be in creche account on a monday every week.
So was advised by branch that money should leave my account on a wednesday!!!! 3 day transfer from AIB to Ulster Bank.

My partner set up a standing order for money to leave his account BOI to my account AIB and it left his account on a thurs and was in my account today Friday - one day transfer.

How long does it really take and is the creche receiving money too early i.e on a thursday now and not on the monday as I had requested. Getting different answers from branch and internet banking - no one really knows!!!

There is an ongoing project within the EU that payments should be done within one business day. Its called SEPA. This is not fully implemented so the branch are being cautious saying three days to be certain when in reality it is probably getting there the next business day.

Rose35

It does look like it is getting there the next day - wish they would just sort this out and give their customers a definitive answer. Thanks.

chris85

They are sorting it out but somtimes people in the branch just dont know what they are on about. I worked in one many years ago and suprising how little some know about the bank's own products. I just checked AIB website and it confirms next day transfer within euro accounts.

For AIB Bank customers in the Republic of Ireland, this means that all national and cross border euro payments from accounts denominated in euro to countries within the EU/EEA must be executed (i.e. the funds delivered to the receiver's bank) by the close of business on the day after the payment was initiated.

http://www.aib.ie/personal/current-accounts/payments-directive-2012%20

Rose35

chris85 wrote: »

They are sorting it out but somtimes people in the branch just dont know what they are on about. I worked in one many years ago and suprising how little some know about the bank's own products. I just checked AIB website and it confirms next day transfer within euro accounts.



http://www.aib.ie/personal/current-accounts/payments-directive-2012%20

Rang my branch and she said this directive is for direct transfer payments only and not standing orders which will not come into effect until 2014 - so it still takes 2-3 working days for standing orders, aib anyway, still BOI look to be next day. this is 3rd time talking to branch by the way, different story every time.

chris85

Rose35 wrote: »

Rang my branch and she said this directive is for direct transfer payments only and not standing orders which will not come into effect until 2014 - so it still takes 2-3 working days for standing orders, aib anyway, still BOI look to be next day. this is 3rd time talking to branch by the way, different story every time.

There shouldnt be a difference but our banks dont view this the same or normal folk would.

Legislator

Rose35 wrote: »

Rang my branch and she said this directive is for direct transfer payments only and not standing orders which will not come into effect until 2014 - so it still takes 2-3 working days for standing orders, aib anyway, still BOI look to be next day. this is 3rd time talking to branch by the way, different story every time.

Banks are obliged under Legisaltion since 1 Jan 2012 to ensure that all electronic transfers (standing orders and credit transfers) are in the account of the beneficiary on the next working day. Your branch is wrong to say it comes into effect in 2014. Provided there is money in you account on the day the standing order is executed then it must be in the beneficiary account the next business day. Quote the Payment Services Regulations 2009 to your branch if you talk to them again.