HSBC - Faster Payment

zonkkk

I would expect the payment to be blocked then until they do the checks... or?

Mikeyorks

HSBC hold your answer? If they say it's gone FP then their system must have done a handshake with the target account ..... get them to fully check it.

But you're recognising now why £25 spent on CHAPS is money well spent when you're buying a house?

zonkkk

Mikeyorks wrote: »

But you're recognising now why £25 spent on CHAPS is money well spent when you're buying a house?

I thought this forum was called 'money saving expert' not 'money spending expert' :rotfl: - just joking...

Thanks for your answer.

Mikeyorks

zonkkk wrote: »

I thought this forum was called 'money saving expert' not 'money spending expert' :rotfl: - just joking...

It is indeed ..... I was just factoring in your additional costs if you lose the purchase? Solicitors are normally very specific about cleared funds ... and the methods of getting money to them. Mine have always permitted any method ....... as long as it was CHAPS.

zonkkk

Money were received yesterday in the Payee's account... so Faster Payment, don't necessarily get into the payee's account in the same day... or even next working day...

I don't know what happened here, but to summarise:
- payed Saturday morning
- money were available on Tuesday in the afternoon

Esoog

zonkkk wrote: »

Money were received yesterday in the Payee's account... so Faster Payment, don't necessarily get into the payee's account in the same day... or even next working day...

I don't know what happened here, but to summarise:
- payed Saturday morning
- money were available on Tuesday in the afternoon

Paid saturday; there's the reason maybe?

izools

Given the timescales I'm more confident than ever that the delay was due to money laundering checks.

zonkkk

Esoog wrote: »

Paid saturday; there's the reason maybe?

No, faster payments should be a 24h/365d service. I have previously made faster payments on weekends and they showed up instantly.

Esoog

I'd go with the its probably fraud checks to be honest, the limit is £10k a day so two days of £10k probably triggered something, especially if you don't move money like that often?

noh

Esoog wrote: »

I'd go with the its probably fraud checks to be honest, the limit is £10k a day so two days of £10k probably triggered something, especially if you don't move money like that often?

Possibly.
I recently sent £10k a day by FP from my First Direct account for 5 consequetive days.
Instead of going by immediate faster payment they went by future dated faster payment the following day.
This was obvious from my online statement as the transfers were showing as taking place a day after I requested them.

The OP should be able to see if the second payment left their HSBC account on the day requested or not and whether it actually was a faster payment.
If it did leave on the day requested then the hold up was at the receiving bank.

Whatever happened FPs are instant there may have been a delay in initialising the payment or a delay in updating the receiving account.