Faster Payment problem

jodenice

I usually transfer money between my boyfriend and mines account using on-line banking. It usually appears immediately in the others account.

He transferred £650 yesterday from the Co-op to my account (natwest). It immediately left his account but did not hit mine nor has it reached it today.

Our mortgage payment is coming out in the morning and currently it would appear that our money is floating around in the ether.

Anything I can do? Can I reclaim the charges if our debit bounces?

davetrousers

I would phone your mortgage provider and explain the situation. Maybe offer a token payment to keep them sweet!

Don't do nothing and then complain.

jodenice

If i cancel the dd from the bank end I get fined by the mortgage company for a failed DD. If I wait and hope that the money comes through and it doesn't, then Natwest will fine me £38.

Lose lose situation.

Phoned mortgage company and as its due tomorrow they can't do anything.

YorkshireBoy

jodenice wrote: »

I usually transfer...He transferred £650 yesterday

Was this the first time a faster payment was tried from Co-op to NatWest? If so use it as a valuable learning exercise...it's better to experiment with test transfers before attempting to make a payment in 'anger'.

FP limits vary between institutions and there's no guarantee yesterday's limits will apply today. If you always assume it's going by BACS (ie 3 to 4 days) you won't go far wrong...and if it gets there sooner it's a bonus. If you can't do this due to pay day etc, then move your DD's back a few days to give yourselves some breathing space.

Re the charges, I suppose you could go down the reclaim route if you have the patience...or inclination.

willo65

In theory if it was sent yesterday day time by BACS then it should arrive on monday anyway and the d/d will be fine, if not do you have funds somewhere that you could withdraw in cash and pay into Natwest tomorrow?

Extant

Alternatively, can you not set up a standing order to pay the mortgage straight from his account, saving the transfer each month...?