Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Maureen43
    • By Maureen43 7th Sep 17, 12:12 PM
    • 473Posts
    • 632Thanks
    Maureen43
    Slow transfers from bank to bank
    • #1
    • 7th Sep 17, 12:12 PM
    Slow transfers from bank to bank 7th Sep 17 at 12:12 PM
    Morning All

    I've recently opened an account with the West Bromwich building society.

    I've set up various transfers out of this account and I am finding that transfers are taking no less than 3 working days to reach their destination.

    This seems really long. Are there any rules/standards on how long transfers between institutions should take?

    Many thanks
    Maureen
Page 1
    • xylophone
    • By xylophone 7th Sep 17, 1:04 PM
    • 22,881 Posts
    • 13,243 Thanks
    xylophone
    • #2
    • 7th Sep 17, 1:04 PM
    • #2
    • 7th Sep 17, 1:04 PM
    Have you checked the T&Cs?

    http://www.westbrom.co.uk/faqs/savings/operating-your-savings-account/how-do-i-make-withdrawals-from-my-savings-account
    • agrinnall
    • By agrinnall 7th Sep 17, 1:37 PM
    • 18,434 Posts
    • 14,147 Thanks
    agrinnall
    • #3
    • 7th Sep 17, 1:37 PM
    • #3
    • 7th Sep 17, 1:37 PM
    Is there any reason why the society should not be required to meet the demands of the Payment Services Regulations 2009, particularly section 70 clause 1?

    http://www.legislation.gov.uk/uksi/2009/209/regulation/70/made
    • eskbanker
    • By eskbanker 7th Sep 17, 2:19 PM
    • 5,465 Posts
    • 5,270 Thanks
    eskbanker
    • #4
    • 7th Sep 17, 2:19 PM
    • #4
    • 7th Sep 17, 2:19 PM
    The Ts & Cs linked from post #2 do indeed specify end of next working day for transfers from WebSave accounts (OP hasn't said yet which account she's referring to):
    When transferring money from your Savings Account to your nominated account, payments should reach your account by the end of the business day following the date of withdrawal. Requests to transfer money out of your account received before 3.30pm on a working day will be processed the same day. Requests received after 3.30pm will be processed the next working day.
    The 3.30 cutoff can effectively add an extra day as it's stating that the transfer doesn't actually start until the next working day, so, if a transfer is requested after 3.30pm on day 1 then it's not guaranteed to arrive until the end of day 3, which some might (harshly) portray as taking three working days in total?
    • Maureen43
    • By Maureen43 7th Sep 17, 8:44 PM
    • 473 Posts
    • 632 Thanks
    Maureen43
    • #5
    • 7th Sep 17, 8:44 PM
    • #5
    • 7th Sep 17, 8:44 PM
    It's actually a regular transfer that I've set up.

    So really Day 1 should be first thing in the morning.

    I will take it up with them.
    • agrinnall
    • By agrinnall 8th Sep 17, 8:33 AM
    • 18,434 Posts
    • 14,147 Thanks
    agrinnall
    • #6
    • 8th Sep 17, 8:33 AM
    • #6
    • 8th Sep 17, 8:33 AM
    It's actually a regular transfer that I've set up.

    So really Day 1 should be first thing in the morning.

    I will take it up with them.
    Originally posted by Maureen43
    I take it by that you mean a Standing Order, which as you say should be sent early in the morning. So if you have one that is scheduled to be sent early in Tuesday morning, when does it arrive? It should be by the end of day on Wednesday, are you saying it takes longer than that?

    It would also help if you answer the question about which specific account it is.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,899Posts Today

3,800Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin