News Article

What you need to know about standing orders

Published 18 January 2017 by

Setting up a standing order is ideal for paying someone on the same day each month. You might use this to pay a family member the money you owe them, make a regular donation to charity or pay your rent each month.

In the past, if the date of the standing order fell on a weekend or bank holiday, we sent the payment on the next working day. This changed after the thinkmoney upgrade in November.

Seven days a week

Since our upgrade to thinkmoney accounts last year, standing orders now go out on the date you've sent them. This includes weekends and bank holidays.

We are now sending standing orders by Faster Payments, meaning that the recipient will typically receive the money straight away, although it can sometimes take up to two hours. When you set up a standing order, the money will usually leave your account in the early morning.

However, it can leave your account later in the day in some circumstances. For example, if you had an income due into your account the same day to cover the payment, the money can leave as late as 3pm. Don't worry, the recipient should still receive the money the same day.

How to set up a standing order

There are two ways you can set up a standing order as a thinkmoney customer. You can log in to Online Account Management and add it there. Or, if you prefer to talk to someone, you can call a Money Manager on 0161 779 5000.

Cancelling or amending a standing order is easy too. You can find out more about this on our Help and Support page. Just remember to think about the following timescales if you want to amend or cancel a standing order.

•  Online Account Management: by 11.00pm the day before the payment is due to be paid.

•  Phone: by close of business on the working day before the payment is due to be paid.

•  Text: two hours before close of business on the working day before the payment is due to be paid.

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