Fast transfer to A&L esaver2 is risky

oldfella

This is not the same as the Faster Payments system, which actually relates to the speed of the transfer process.

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to be pedantic - they are similar - the difference is the DD takes place in 3 days time, but the transfer is then immediate. So if I use the A&L DD facility to transfer from my current account to A&L, I only need to put the money in the current account by the end of the day the transfer takes place. (assuming you have a credit limit to cover it) And similarly to FP I havent lost any interest.

manhar

Swipe wrote: »

I wouldn't worry too much about the loss of 3 days interest as, in the grand scheme of things, the esaver2 will only be paying about 4% at the end of the month and about 3% by the end of December

But then is there any point in my transferring money to the esaver because HSBC is giving 3% now anyway?

MarkyMarkD

Where's the post from manhar saying "Oh, sorry, A&L, the whole thing was my mistake for getting A&L's account numbers wrong when I tried to transfer the money"?

manhar

MarkyMarkD wrote: »

Where's the post from manhar saying "Oh, sorry, A&L, the whole thing was my mistake for getting A&L's account numbers wrong when I tried to transfer the money"?

I have double checked with my HSBC transfer order and the A&L esaver account number I used was correct. It is still displayed on my HSBC internet banking and is exactly the same number that A&L sent me when I opened the account. Hence no apology from me. But I do need an explanation from A&L why this transaction was reversed.

soulsaver

FWIW on the KE/ING debacle the interest question around BACS transfers was disussed and 'experts' commented that in fact no interest is lost as it is accrued between your issuing account, and your recieving account. This of course could be urban myth started by the banks themselves. Yes we should..., but as someone said when it comes down to 1 or 2 days interest on few grand, who does the maths and makes the complaints?
£1.31 day on £10k @ 6% pa after tax at basic... Could spend that on o845 numbers chasing it down...

masonic

manhar wrote: »

I have double checked with my HSBC transfer order and the A&L esaver account number I used was correct. It is still displayed on my HSBC internet banking and is exactly the same number that A&L sent me when I opened the account. Hence no apology from me. But I do need an explanation from A&L why this transaction was reversed.

You should not have tried to send the money to your 11 digit account number, which cannot accept funds directly. You should have used A&L's holding account number (which is: 00000000).

You should have sent the money to 72-58-10 00000000 and entered your esaver account number as the payment reference. Is that what you did?

manhar

masonic wrote: »

You should not have tried to send the money to your 11 digit account number, which cannot accept funds directly. You should have used A&L's holding account number (which is: 00000000).

You should have sent the money to 72-58-10 00000000 and entered your esaver account number as the payment reference. Is that what you did?

This is the A&L welcome letter I received:
"Payments will be made using the following refernce numbers
Your eSaver Account number is 000-000000-00
Your reference number is 000-000000-00"

Both numbers have 11 digits. What am i supposed to make of it?

YorkshireBoy

manhar wrote: »

This is the A&L welcome letter I received:
"Payments will be made using the following refernce numbers
Your eSaver Account number is 000-000000-00
Your reference number is 000-000000-00"

Both numbers have 11 digits. What am i supposed to make of it?

As I suspected (in post #13) you sent your HSBC money to the wrong account. In fact, the account you sent it to doesn't actually exist, which is why A&L bounced it back to HSBC.

For future reference, the HSBC payee details should be...

Sort Code: 72-58-10
Account No: 00000000
Reference: xxxxxxxxxxx (your 11 digit account number)

...as detailed here...

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

manhar

YorkshireBoy wrote: »

As I suspected (in post #13) you sent your HSBC money to the wrong account. In fact, the account you sent it to doesn't actually exist, which is why A&L bounced it back to HSBC.

For future reference, the HSBC payee details should be...

Sort Code: 72-58-10
Account No: 00000000
Reference: xxxxxxxxxxx (your 11 digit account number)

...as detailed here...

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

So the information posted to me was wrong!

BTW at the link u sent it says:
BACS payment. This is usually a free service that takes 3-4 working days. You will need to advise your bank that you wish to make this type of payment and quote the sort code:
Sort Code 72-58-10
CHAPS payment. There is usually a charge for this type of transfer but the payment is made on the same day. You will need to advise your bank that you wish to make this type of payment and quote the sort code:
Sort Code 72-52-52

Do I have to use the second sort code for fast transfer? This code is not one that they sent me in their correspondence either and its all very confusing. Dont want to end up using the wrong code

YorkshireBoy

manhar wrote: »

So the information posted to me was wrong!

No. Those details are the ones that will appear on your HSBC statement if you pull money in by direct debit. You weren't doing that...you were pushing money by BACS/FP from your HSBC account.

BTW at the link u sent it says:
BACS payment. This is usually a free service that takes 3-4 working days. You will need to advise your bank that you wish to make this type of payment and quote the sort code:
Sort Code 72-58-10
CHAPS payment. There is usually a charge for this type of transfer but the payment is made on the same day. You will need to advise your bank that you wish to make this type of payment and quote the sort code:
Sort Code 72-52-52

You've missed out the bit on faster payments. In full, it reads...

Sort code

Faster Payment. This service means that when you move money electronically either by internet or telephone banking it will usually be available to you on the same day. Certain conditions will apply*

BACS payment. This is usually a free service that takes 3-4 working days. You will need to advise your bank that you wish to make this type of payment and quote the sort code:

Sort Code 72-58-10

CHAPS payment. There is usually a charge for this type of transfer but the payment is made on the same day. You will need to advise your bank that you wish to make this type of payment and quote the sort code:

Sort Code 72-52-52

The first two methods use the same sort code. CHAPS is different.

...its all very confusing. Dont want to end up using the wrong code

A word of advice...you ought to get into the habit of sending £1 test payments before commiting to £10,000 transfers, because eventually you'll come unstuck...BIG TIME!