Faster Payment Service

MDD_2

noh wrote: »

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.

noh

I don't agree with you. If I owed you £5 today Saturday and gave it to you tomorrow Sunday and you chose to do your book keeping on Monday it does not alter the fact that I DO NOT owe you any money.

Olipro

To boil this whole thing down; log into your bank and print off something proving the payment was both made and remitted (i.e. settled into MBNA's account) the same day and in time for the deadline - start by making a formal complaint to MBNA that they are basically penalising you on a technicality and be clear that if they want to stick to their guns, you will take the case to the Financial Ombudsman.

With any luck, that will be enough, if not, Ombudsman it shall be.

agrinnall

MDD wrote: »

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

If you think that the explanations you are being given are support for your position then you're really not reading them correctly. You have no case to make so don't be surprised when MBNA ignore your complaints.

I doubt very much if credit cards were a primary reason for the creation of Faster Payments processing, most organisations specifically excluded transfers to credit cards in their initial implemntations. Credit card accounts are not normal bank accounts, as Noh explained. MBNA in fact did not have your money until Monday, the Co-Op had it from Saturday.

Yes, it could all work 24/7/365 but the banks would have to pay for another huge development on top of what FP has already cost, which would, as always, be passed on to customers. If you had kept better control of your finances you would have known when the payment was due and made it taking the timescales in your T&Cs into account, just like the vast majority of us manage to do quite successfully.

Mikeyorks

MDD wrote: »

noh

I don't agree with you. If I owed you £5 today Saturday and gave it to you tomorrow Sunday and you chose to do your book keeping on Monday it does not alter the fact that I DO NOT owe you any money.

But noh is very well organised. And - prior to lending you the £5 - he made it glaringly obvious in his T&Cs to you, and which you accepted, that he only accounts for payments made to him at the weekend .... on the next working day.

In all of this MBNA are not a Bank. They are a provider of Credit Cards and their accounting .... just as many utilities / HMRC etc ..... is peripheral to their account with their Bank. And relies on credits being fed across to their accounting and usually processed in Batch mode overnight.

Had they failed to tell you all of that you may have a point. But they haven't failed. They have told you clearly that is how they work. And it is not unreasonable - as it mirrors tens of thousands of other companies who operate in the same way because they do not - and will not - have a real time accounting system. But you choose not to listen - just as you chose not to read the terms of your account with MBNA

MDD_2

agrinnall wrote: »

If you think that the explanations you are being given are support for your position then you're really not reading them correctly. You have no case to make so don't be surprised when MBNA ignore your complaints.

I doubt very much if credit cards were a primary reason for the creation of Faster Payments processing, most organisations specifically excluded transfers to credit cards in their initial implemntations. Credit card accounts are not normal bank accounts, as Noh explained. MBNA in fact did not have your money until Monday, the Co-Op had it from Saturday.

Yes, it could all work 24/7/365 but the banks would have to pay for another huge development on top of what FP has already cost, which would, as always, be passed on to customers. If you had kept better control of your finances you would have known when the payment was due and made it taking the timescales in your T&Cs into account, just like the vast majority of us manage to do quite successfully.

Thank you for your response albeit out of context.

MDD_2

Mikeyorks wrote: »

But noh is very well organised. And - prior to lending you the £5 - he made it glaringly obvious in his T&Cs to you, and which you accepted, that he only accounts for payments made to him at the weekend .... on the next working day.

In all of this MBNA are not a Bank. They are a provider of Credit Cards and their accounting .... just as many utilities / HMRC etc ..... is peripheral to their account with their Bank. And relies on credits being fed across to their accounting and usually processed in Batch mode overnight.

Had they failed to tell you all of that you may have a point. But they haven't failed. They have told you clearly that is how they work. And it is not unreasonable - as it mirrors tens of thousands of other companies who operate in the same way because they do not - and will not - have a real time accounting system. But you choose not to listen - just as you chose not to read the terms of your account with MBNA

If noh was like the MBNA he would know that he had not fulfilled his side of the deal and then turned a blind eye to his errors and relied on rules to justify his position. The point you miss is that I had not been told that the MBNA had agreed to the 0% money transfer I found out when I went online to check my HSBC bank account and what you haven't taken into account is that I had not seen the paper statement which noh refers to with the terms and conditons. Furthermore my bank the HSBC said the MBNA were wrong to issue a statement before I had actually received any money as there was no money owing to them.

Joe_Bloggs

Mikeyorks Said:

In all of this MBNA are not a Bank.

They are just part of a trillion dollar institution.
J_B.

noh

MDD wrote: »

If noh was like the MBNA he would know that he had not fulfilled his side of the deal and then turned a blind eye to his errors and relied on rules to justify his position. The point you miss is that I had not been told that the MBNA had agreed to the 0% money transfer I found out when I went online to check my HSBC bank account and what you haven't taken into account is that I had not seen the paper statement which noh refers to with the terms and conditons. Furthermore my bank the HSBC said the MBNA were wrong to issue a statement before I had actually received any money as there was no money owing to them.

As far as I can see they (MBNA) have fullfilled their side of the deal.

Are you a new customer or was this one of the promotions offered to existing customers?

MBNA do not tell you they agree a money transfer they simply action it on your request.

MBNA issue a statatement on the due date. If they have initiated the money transfer during that statement period it will be on that statement.

Why had you not seen a statement in paper form or on line?
Obviously a statement was issued.

You are approaching this the wrong way.

If your objective is to reinstate your promotional money transfer rate then the standard advice would be to call them and explain calmly that you made an error in paying late due to the fact that you didn't receive a statement apologise say it won't happen again as you will set up a direct debit to make future payments and ask, considering the above, if they would they be kind enough to reinstate your promotional rate.

MDD_2

Joe_Bloggs wrote: »

Mikeyorks Said:
Quote:
In all of this MBNA are not a Bank.


They are just part of a trillion dollar institution.
J_B.

Got the point Joe_Bloggs the clues are there.

MBNA Europe Bank Limited

noh

Olipro wrote: »

To boil this whole thing down; log into your bank and print off something proving the payment was both made and remitted (i.e. settled into MBNA's account) the same day and in time for the deadline - start by making a formal complaint to MBNA that they are basically penalising you on a technicality and be clear that if they want to stick to their guns, you will take the case to the Financial Ombudsman.

With any luck, that will be enough, if not, Ombudsman it shall be.

Yes that will of course prove that the payment was not in time for the deadline.
The deadline for a payment due on a Saturday being 4pm on the previous working day.