Faster Payments advice

Options
24

Comments

  • Missus_Hyde
    Missus_Hyde Posts: 531 Forumite
    First Anniversary First Post Photogenic
    Options
    mattconway wrote: »
    Me and my partner just made three faster payments for our house depositi from our Nationwide account to our solicitors Natwest account this morning. They have still not received payment.

    Does anyone know from experience if it is common for there to be a delay due to it being a Saturday. Just a bit panicky due to the amount of money sent to them.

    Kind regards

    I can totally understand your concern, especially as there is a well publicised scam whereby the scammers hack into the solictors’ emails and then send an email to their client, purporting to come direct from the solicitors, giving bank account details from a scam account. When paying very large amounts of money to a new payee, I always send a small amount first, then check that it’s been received safely in the correct bank account before sending the full amount. If the payee, or their bank, doesn’t like that method, too bad!! ;):p

    I was under the impression that a Faster Payment would be in the recipient’s account within the two hours, regardless of the fact that it was the weekend. (I have had payments take longer than that, but that normally depends on the bank. Shawbrook and other smaller banks state that their faster payments will take up to the end of the next working day, so in this case it would be Monday or Tuesday of next week.)
    A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.
  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Options
    Missus_Hyde wrote: »
    I can totally understand your concern, especially as there is a well publicised scam whereby the scammers hack into the solictors’ emails and then send an email to their client, purporting to come direct from the solicitors, giving bank account details from a scam account. When paying very large amounts of money to a new payee, I always send a small amount first, then check that it’s been received safely in the correct bank account before sending the full amount. If the payee, or their bank, doesn’t like that method, too bad!! ;):p

    I was under the impression that a Faster Payment would be in the recipient’s account within the two hours, regardless of the fact that it was the weekend. (I have had payments take longer than that, but that normally depends on the bank. Shawbrook and other smaller banks state that their faster payments will take up to the end of the next working day, so in this case it would be Monday or Tuesday of next week.)

    Some faster payments arrive within seconds, many arrive within minutes, and many arrive withing 2 hours. However, msallen is correct

    "Its not guaranteed to get there until Tuesday evening because ...
    a) the guarantee is that it will arrive by the end of the next working day.
    b) Saturday is not a working day so that guarantee only starts counting from Monday."
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    First Anniversary Combo Breaker
    Options
    I have regular payments going out of Nationwide on the 22nd of each month - last time it fell on a Saturday (July) they didn't go until the Monday. They normally go as faster payments - dunno about times, but always received the same day as they're sent.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Options
    ManAtHome wrote: »
    I have regular payments going out of Nationwide on the 22nd of each month - last time it fell on a Saturday (July) they didn't go until the Monday. They normally go as faster payments - dunno about times, but always received the same day as they're sent.

    Standing Orders, which is what you have, are processed differently to Single Immediate Payments, which is what the OP made.
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    First Anniversary Combo Breaker
    Options
    agrinnall wrote: »
    Standing Orders, which is what you have, are processed differently to Single Immediate Payments, which is what the OP made.
    Dunno, never tried a payement on Saturday, maybe you have?
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    First Post First Anniversary Combo Breaker
    Options
    mattconway wrote: »
    Good Afternoon

    I wondered if anyone had any information on my scenario.

    Me and my partner just made three faster payments for our house depositi from our Nationwide account to our solicitors Natwest account this morning. They have still not received payment.

    Does anyone know from experience if it is common for there to be a delay due to it being a Saturday. Just a bit panicky due to the amount of money sent to them.

    Kind regards

    I'd be inclined to check to see if I transferred the money to the correct sort code and account number.

    Faster Payments is a two-way street. Your bank must be set up for Faster Payments and so does your solicitor's bank. If either is not set up for Faster Payments it will be transferred by BACs which can take 3 working days.

    When using Faster Payments there is a maximum payment allowed of £250,000 or lower if the bank has set a different limit.

    I have noticed that Faster Payments to some organisations are not processed over the weekend even though their bank is a member of Faster Payments. So perhaps receipt of funds at weekends can be controlled by those organisations. But I have no knowledge of that.

    http://www.fasterpayments.org.uk/about-us/how-faster-payments-works
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    Options
    The terms for the NatWest small business account, assuming that is what your solicitor has, say that electronic payments received after 6pm on a business day are not credited and available to use until the next business day. As the payments were received on a non-business day they won't be credited and available until Monday.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    Anthorn wrote: »
    Faster Payments is a two-way street. Your bank must be set up for Faster Payments and so does your solicitor's bank. If either is not set up for Faster Payments it will be transferred by BACs which can take 3 working days.
    A bank cannot send a BACS payment from a personal account. That would be in clear breach of payment regulations.
    AirlieBird wrote: »
    The terms for the NatWest small business account, assuming that is what your solicitor has, say that electronic payments received after 6pm on a business day are not credited and available to use until the next business day. As the payments were received on a non-business day they won't be credited and available until Monday.
    The first business day will be Monday. It would be perfectly reasonable for the funds to arrive on the Tuesday.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Options
    ManAtHome wrote: »
    Dunno, never tried a payement on Saturday, maybe you have?

    I have, and a SIP will generally arrive at it's destination within the usual 2 hour window on a non-business day.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    First Post First Anniversary Combo Breaker
    Options
    PeacefulWaters wrote: »
    A bank cannot send a BACS payment from a personal account. That would be in clear breach of payment regulations..

    OK ok bank transfer. Sheesh!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards