Faster Payment Service

MDD_2

I must say THANKS TO YOU ALL for such support it really is encouraging.

noh

The money would have arrived in the Co-op agency collection account within 2 hours.
It was credited to your MBNA credit card account in accordance with MBNAs stated policy as in my above post.

What did you expect to happen?

MDD_2

Viper_7 wrote: »

MDD there are many rules and SLA's covering faster payments. % of payments which must complete end to end within x number of hours etc. Reality is most real time payments complete within seconds.
There are lots of rules between institutions to prevent fraud amongst other things.

What was your payment type? Was it a direct payment or a standing order?
Who was the sender? (ah HSBC)
Who was the receiver? (08-61-30 is MBNA Europe who indeed here is Co-operative being the receiver)

What is actually the problem? Is it that it left your source account but did not appear in the destination account as planned?
What was the actual message returned to you when you performed the payment instruction?
It's usually (The funds will leave your account immediately, and should reach the receiving account within a few hours)

When did the money hit the receiving account?
You will have been provided with a TRN which can be used to track it.

The payment is not Guaranteed to hit the receiving account within seconds/hours, most of them do. It's faster payments not instantaneous transfer no matter what!

If you want additional guarantee then you should be making a Bacs or Chap payment. (will be a charge)


If you are moving the funds to pay a bill - it will be made clear on the bill that you should allow 3 working days for the money to reach the account.

Thank You.

I applied for 0% money transfer online. The money arrived in my HSBC account. Two weeks later I looked online to check to see when the first payment was due. It turned out to be on the very same day that I was checking, a Saturday. Immediately I went online to my HSBC account and transferred £50 a single immediate FPS payment to MBNA. The message from HSBC said money will be in receiving account within 2 hours. Then another message came saying the other bank will not say when it is received (as far as I remember). Can you please tell me what a TRN is. MBNA withdrew my 0% promotional offer saying I was in breach of the agreement, charged me £179 arrangement fee and a further £54 interest (I think these figures are correct) and since that time more interest. The reason I am annoyed is that MBNA had issued a statement (which I had not seen) before I had even received the money in my bank account asking for a first payment of £25. I hadn't expected to be paying within two weeks.

Viper_7

The TRN (Transaction Reference Number) Should be visible on your HSBC statement against the payment. It's an 18 digit alpha numeric reference.

you will also see the same reference on the MBNA statement. This will give you an indication of the delay in initiating the payment and when it was applied to the receiving account.

It will come down to allowing 3 days though for the payment to complete. FPS is not guaranteed to be immediate.

noh

MDD
You are still missing the point.
Paying on Saturday, the day the payment was due, was too late.

MBNA credit faster payments, received on a weekend, to your credit card account on the following Monday.
They do not hide this it is stated on their website and on the back of your statement.

The faster payment service worked as it should have.
MBNA credited the money to your credit card account on the day they stated they would.

The problem is you made your payment too late.

MDD_2

noh wrote: »

The money would have arrived in the Co-op agency collection account within 2 hours.
It was credited to your MBNA credit card account in accordance with MBNAs stated policy as in my above post.

What did you expect to happen?

What I expected was MBNA to accept that they had received the money because in reality the money was in their bank account.

You referred to Olipro who hit the nail on the head saying "you would have good grounds to challenge it on the basis of the fact that the money has been physically remitted to them and they simply have not accounted for it".

Viper_7

noh wrote: »

You are still missing the point.
Paying on Saturday, the day the payment was due, was too late.

MBNA credit faster payments, received on a weekend, to your credit card account on the following Monday.
They do not hide this it is stated on their website and on the back of your statement.

The faster payment service worked as it should have. MBNA credited the money to your credit card account on the day they stated they would.

The problem is you made your payment too late.

Perfect!

FPS is a payment mechanism. There are still the processes/time frames on the receiving side that must be adhered to.

Viper_7

MDD wrote: »

What I expected was MBNA to accept that they had received the money because in reality the money was in their bank account.

You referred to Olipro who hit the nail on the head saying "you would have good grounds to challenge it on the basis of the fact that the money has been physically remitted to them and they simply have not accounted for it".

It probably was, but they do not have to accept/admit this.
Their terms are clear as to when they apply the credit to the end account.

noh

MDD wrote: »

What I expected was MBNA to accept that they had received the money because in reality the money was in their bank account.

You referred to Olipro who hit the nail on the head saying "you would have good grounds to challenge it on the basis of the fact that the money has been physically remitted to them and they simply have not accounted for it".

You have no grounds to challenge it.
Look at the back of your statement (either a physical one or the PDF online statement) You will see the words.


"Faster Payments received Monday to Friday before 4pm will be credited to your account the same business day, after 4pm, or on a weekend/bank holiday, they will be credited to your account the next business day. Payments can be seen on your account the day after being credited. "

You either failed to read them or failed to understand them.

MDD_2

To my mind the Co-operative bank would have processed the transfer probably within minutes. The money would have been in the MBNA account on the Saturday, the day it was due. The fact that they say they credit it to my account on the next business day doesn't alter the fact that they physically have the money. I believe you will find that other banks accept this.