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Transfers from Santander to Barclays
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# 1
Amiz87
Old 24-03-2011, 7:46 PM
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Join Date: Mar 2011
Posts: 22
Default Transfers from Santander to Barclays

Hi all,

I wonder if anyone can help me. I have a current account with Barclays and just started a new job. The company is small and my boss makes all the payments of wages via online banking. I was paid today and the money hasnt reached my account. I spoke to Barclays who said that 99% of banks now use the faster payment scheme which allows money to clear the same day. so I waited till 6pm and nothing so I rung Barclays back who said that it looks like it will be 3 working days now being over a weekend that is 5 days without money. And to make matters worse being in a new job I have now gone 6 weeks without money.

So my first question is...
How long does a transfer from Santander to barclays take?

And my second question...
Seeing as the money had left my boss account but not made it to my account is the bank earning interest from it?

I remember reading about something where someone complained to their bank about the interest they were earning off their money and I think that's what prompted this faster payment scheme.

Is this another "bank fee" issue and if so would it be worth writing to my bank!

Any help would be appreciated!

Thank you

Amy
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# 2
YorkshireBoy
Old 24-03-2011, 7:54 PM
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Join Date: Nov 2004
Posts: 23,729
Default

Sounds like the company are using BACS transfers, rather than the (pretty standard for UK wages) BACS direct credit system.

If so, anything over 300 or so will go by BACS from Santander.

No point at all in contacting your bank.

And, yes, the banking system makes 'float interest' on the cash whilst it's in BACS transfer transit (but not on Bacs direct credit payments, which are simultaneous debit/credit).
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anselld
Old 24-03-2011, 7:57 PM
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Join Date: Jan 2009
Posts: 3,455
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Santander have probably the worst implementation of Faster Payments.
But in this case it is your employers responsibility to make sure you are paid on time (in your account) not the bank's.
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