Telephone Banking Transfer Times

I hope someone can help me, I'm sorry in advance if this is in the wrong section.

A customer transferred money into my Natwest business account on Saturday via telephone banking but it still hasn't reached my account. I spoke to the bank and they said due to the new faster payments system it should be with me within two hours despite it being a weekend.

Has anyone had any experience of this? Should it be taking this long? Have Natwest given me false information (surely not! :rotfl:)
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Comments

  • noh
    noh Posts: 5,814 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Who does the customer bank with?
  • noh wrote: »
    Who does the customer bank with?

    I'm not sure :(
  • Depending on who the originating bank is, they may have used BACS rather than Faster Payments. In which case, could take until Thursday to arrive.
    :A
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    How much is it?

    Many banks have limits for FP on outgoing payments (e.g. Santander is £300) whereas others have reliability issues where, for reasons known to nobody, the payment can default to BACS on occasion (e.g.Halifax).
  • If they used Telephone Banking and they were a Personal NatWest Customer even though it would be classed as an internal transfer as such, for security all payments for the first time go the next banking day (but clearing immediately on the next banking day).
    David :)
    £1 of debt is too much for me!
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    I think the problem is that you spoke to an idiot at NatWest. For one thing the Faster Payments system can hardly be described as 'new' now, NatWest were among the first group of users when the system went live 3 years ago. And without knowing what the originating bank was it is completely impossible for them to know whether FP was used or not. If you don't want to wait a couple of days to find out if it has been sent by BACS you will need to find out what bank the customer uses and ring NatWest again, hoping that you don't get the same person.
  • agrinnall wrote: »
    I think the problem is that you spoke to an idiot at NatWest. For one thing the Faster Payments system can hardly be described as 'new' now, NatWest were among the first group of users when the system went live 3 years ago. And without knowing what the originating bank was it is completely impossible for them to know whether FP was used or not. If you don't want to wait a couple of days to find out if it has been sent by BACS you will need to find out what bank the customer uses and ring NatWest again, hoping that you don't get the same person.

    And how would knowing the sending bank help the natwest advisor? Are they supposed to magically know other banks timescales and procedures?
    100% G33K
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  • System
    System Posts: 178,312 Community Admin
    10,000 Posts Photogenic Name Dropper
    And how would knowing the sending bank help the natwest advisor? Are they supposed to magically know other banks timescales and procedures?

    Knowing the sending bank will tell them if that sending bank can use the Faster Payments system (not all banks do). That would as a minimum allow the NatWest advisor to say if the funds are likely to appear within 1 day via FP or 3 banking days via BACS ;) Of course, the customer can look up the same info online without having to involve the NatWest advisor.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    And how would knowing the sending bank help the natwest advisor? Are they supposed to magically know other banks timescales and procedures?


    ^^^
    What BAA1 said. Apparently the advisor 'magically knew' that the transaction had gone by FP, I would prefer to get my advice from someone who refers to easily found guidance than using guesswork.
  • ihateyes
    ihateyes Posts: 1,326 Forumite
    most banks send the first ever payment to a new sort code/acc nuber as BACS and then ate that Faster Payment can be requested
    Promo codes are never always cheaper..... isnt that right EuropCar?
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