Fast transfer to A&L esaver2 is risky

manhar

Transferred 10K to A&L esaver2 from linked HSBC account via fast transfer, but 24 hrs later it does not show in A&L esaver account. HSBC confirmed that its been transferred. Contacted A&L and was told it takes 4 days for them to accept the transfer!!!

Contacted A&L:
"Is this what is called fast processing transfers from a linked bank by internet banking ?" I asked

"Sorry, but thats how long it takes" was the reply

"Im losing interest on the money for 4 days" I protested.

"Its in the terms and conditions" they replied!

Very unfair to keep the money in mid-air for 4 days....someone is earning interest on this and it aint me!

Folks beware of this.

masonic

If either the source or destination account you were transferring the money between are not part of the faster payments scheme, the money would have been sent using the standard BACS system. Presumably, HSBC let you know your account could send faster payments. What made you think your esaver2 account could receive them?

YorkshireBoy

masonic wrote: »

What made you think your esaver2 account could receive them?

This...

http://www.alliance-leicester.co.uk/customer-service/user-guides/savings/esaver/page3.aspx

...would lead me to believe my eSaver could accept FP's.

Additionally, the APACS sort code checker...

http://www.apacs.org.uk/sortcodechecker/index.html

...says 72-58-10 can receive FP's.

However, because A&L use a collection account (00000000), I suspect they're introducing a pseudo BACS delay?

Stormy

YorkshireBoy wrote: »

This...

http://www.alliance-leicester.co.uk/customer-service/user-guides/savings/esaver/page3.aspx

...would lead me to believe my eSaver could accept FP's.

I don't get this, their own website says it can receive fast payments yet they are not and the droids on the helplines are saying it takes 4 days? What gives?

mars_2

Also in the T&C's

How long will it take for payments to be received into my account?
If the money is transferred from an Alliance and Leicester account it will take one working day to clear. Direct transfers from accounts held with other financial institutions can take up to 4 working days to clear.

It dioes also mention earlier about faster payments so it contradicts itself a bit.

masonic

YorkshireBoy wrote: »

This...

http://www.alliance-leicester.co.uk/customer-service/user-guides/savings/esaver/page3.aspx

...would lead me to believe my eSaver could accept FP's.

From that link:-

If the bank (or account) you have requested the money to or from is not part of the Faster Payments scheme, your money will continue to be moved using the BACS (Bankers' Automated Clearing Services) scheme and will be available for you to use 3 working days later."

I don't know if it's possible for that specific holding account to not use the faster payments system even though the sort code checker would suggest accounts with that sort code can receive them. It seems far more likely that the payment went via BACS than that A&L's extraction system is sophisticated enough to recognise a faster payment and wait an extra 2 working days before forwarding it on.

The preceding bit of text saying "The money will be sent by either Faster Payment / BACS..." might then mean A&L have merely considered the possibility that faster payments might be used with this account some time in the future.

oldfella

suggest a formal complaint asking them to clarify how FPs are received. If they are deliberately holding back money on receipt in order to increase their profit, that seems to be extremely unfair.

oldfella

strangely enough just received a message from A&L dated 10 Nov

---

We are now able to receive money by Faster Payments and have started to send money by the scheme.

grnglide

manhar wrote: »

Transferred 10K to A&L esaver2 from linked HSBC account via fast transfer, but 24 hrs later it does not show in A&L esaver account. HSBC confirmed that its been transferred. Contacted A&L and was told it takes 4 days for them to accept the transfer!!!

Contacted A&L:
"Is this what is called fast processing transfers from a linked bank by internet banking ?" I asked

"Sorry, but thats how long it takes" was the reply

"Im losing interest on the money for 4 days" I protested.

"Its in the terms and conditions" they replied!

Very unfair to keep the money in mid-air for 4 days....someone is earning interest on this and it aint me!

Folks beware of this.

When using HSBC internet banking it tells you whether it is using FastPay. You get a "the funds should arrive in 2 hours" and the next screen tells you to wait while the transfer is initiated and confirms it's success.

So you can tell whether A&L have received it but that doesnt, necessarily, mean it is in your account. Since they dont use sort code and account number to identify their accounts (I believe - it is a while since I used my A&L account) they have to process the transactions internally and can add on time. Adding on 3 or 4 days does seem excessive!

manhar

Just found out that the 10K I transferred was returned to my HSBC account later today by A&L. I then used the quick transfer box on the left hand side page (at the bottom) of their inetrnet banking site, and hey presto it was accepted immediately and even a receipt issued!!
It would seem that quick transfers via HSBC did not work and even bounced! Using the quick transfer box on their internet banking site works! I only wish they had made this clear in their correspondence when I opened the esaver2 account.

YorkshireBoy

manhar wrote: »

Just found out that the 10K I transferred was returned to my HSBC account later today by A&L. I then used the quick transfer box on the left hand side page (at the bottom) of their inetrnet banking site, and hey presto it was accepted immediately and even a receipt issued!!
It would seem that quick transfers via HSBC did not work and even bounced! Using the quick transfer box on their internet banking site works! I only wish they had made this clear in their correspondence when I opened the esaver2 account.

I'm not clear what you've done?

Did you 'push' the first payment from the HSBC website by 'FASTER PAYMENT', or 'pull' it from the A&L website via direct debit?

And what about the second (successful?) transfer...how did you initiate that?