Standing orders are regular payments involving, for instance, the same amount on the same day every month. These payments can be made Monday to Friday and can be sent using the Faster Payments Service or CHAPS.
How does it work?
To set up a standing order, you can
- visit one of our branches
- call your branch
We will transfer the specified amount from your account to the account of the person you are paying on the dates that you have requested.
We allow you up until 9.30pm to pay cleared funds into your account on the day a standing order payment is due. If you pay cleared funds into your account before 3.00pm the payment will be sent that business day. If you pay cleared funds into your account between 3.00pm and 9.30pm, although the payment will be debited to your account on the same business day, it will be value dated for the next business day, and the payee’s bank will not receive the funds until the next business day.
After 9.30pm, you cannot be sure the payment will be made. If the item is not paid, or we grant you an unarranged overdraft or unarranged excess, you may be subject to fees and service charges as detailed in our 'Fees and service charges explained' leaflet.
You should note that if there is not enough money in your account when we complete our initial funds check you will not see the standing order payment on your list of transactions. You can still lodge cleared funds up to 9.30pm on the day the standing order is due to be paid.
Faster Payments Service (FPS)
FPS is a payments scheme in the UK which enables payments to be processed in near realtime. Both sending and receiving Financial Institutions must be participants in the scheme - not all Financial Institutions are in the scheme.
CHAPS is used when:
The payment cannot be sent by FPS but the payee’s bank is a member of CHAPS. If the payment is sent by CHAPS the payee’s bank may charge the payee a fee.