Telephone Banking Transfer Times

neopagan

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:)

noh

Who does the customer bank with?

neopagan

noh wrote: »

Who does the customer bank with?

I'm not sure

davidjwest

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.

opinions4u

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).

coolesticeking

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).

agrinnall

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.

Azrael_1701

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?

System

Azrael_1701 wrote: »

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.

agrinnall

Azrael_1701 wrote: »

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

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