Money gone missing! - UPDATED

System

Some banks have a policy where the first payment sent using a new set of bank details, will go via BACS (3 days) rather than via Faster Payments (same day), I'm not sure if Tesco Bank have this policy or not, but delays also occur when one of the two banks involved in the transaction want to perform additional fraud prevention checks.

The receiving bank must also be able to accept Faster Payments, check if it can by enterring the sort code : http://www.ukpayments.org.uk/sort_code_checker/

The Faster Payments Process is described here : http://www.ukpayments.org.uk/faster_payments_service/how_does_the_faster_payment_service_work/
Any one of the 11 steps could be the source of the problem.

The FSA website confirms that Tesco Bank no longer use RBS banking facilities, see : http://www.fsa.gov.uk/Pages/consumerinformation/uk_groups/index.shtml

Auntie-Dolly

Are you sure it went via 'faster payment'? I thought most banks had a fairly low limit on the amounts that could be sent that way. First Direct is something daft like £250. It might still be processing.

agrinnall

Auntie-Dolly wrote: »

Are you sure it went via 'faster payment'? I thought most banks had a fairly low limit on the amounts that could be sent that way. First Direct is something daft like £250. It might still be processing.

If you're going to give examples of low limits (of which there are sadly still quite a few) at least check your facts first, FD share limits with the rest of HSBC, for personal customer the limit is £10,000 per payment, only Lloyds offer a higher limit.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

http://www2.firstdirect.com/1/2/banking/faster-payments

Auntie-Dolly

Gosh - how rude! I was only trying to help.

JuicyJesus

pqrdef wrote: »

Tesco only know which bank they sent it to. You'd need something from the company's bank, but they probably won't talk to you.

I can see no good reason why Tesco cannot provide the sort code and account number.

agrinnall

Auntie-Dolly wrote: »

Gosh - how rude! I was only trying to help.

Well I'm sorry you feel that. As it happens (now I've looked a bit more) your main point is correct, Tesco have a FP limit of £5000 per transaction so this one will have gone by BACS. http://metafaq.tescofinance.com/help/servicing_facilities/tesco_cc_online/minimum_payments

However, the example you gave was totally incorrect and easily checked so I was simply pointing out your error.

agrinnall

OP, as the link above confirms your £6,000 transaction is above the upper FP limit imposed by Tesco so it will have gone by BACS and will arrive approximately 3 working days later. You could have done two payments under the limit if the receiving company could have handled that, might be worth knowing about if you ever have to do it again. What you should be annoyed about is that nobody at Tesco seems to have realised this is what's happened and I would consider making a compaint about that.

System

agrinnall wrote: »

Well I'm sorry you feel that. As it happens (now I've looked a bit more) your main point is correct, Tesco have a FP limit of £5000 per transaction so this one will have gone by BACS. http://metafaq.tescofinance.com/help/servicing_facilities/tesco_cc_online/minimum_payments

However, the example you gave was totally incorrect and easily checked so I was simply pointing out your error.

I'm not sure that £5K limit applies, that link is associated with Tesco Finance Credit Card transactions.
I believe the OP's transaction was from Tesco Bank online payments and the associated limit for those transactions is £10K AFAIK

jonesMUFCforever

agrinnall wrote: »

OP, as the link above confirms your £6,000 transaction is above the upper FP limit imposed by Tesco so it will have gone by BACS and will arrive approximately 3 working days later. You could have done two payments under the limit if the receiving company could have handled that, might be worth knowing about if you ever have to do it again. What you should be annoyed about is that nobody at Tesco seems to have realised this is what's happened and I would consider making a compaint about that.

Could the limit be a daily one?
If so your plan to send 2 payments on the same day would not work.

agrinnall

BAA1 wrote: »

I'm not sure that £5K limit applies, that link is associated with Tesco Finance Credit Card transactions.
I believe the OP's transaction was from Tesco Bank online payments and the associated limit for those transactions is £10K AFAIK

Yes, I hadn't spotted that. I'm not sure whether the limit is actually £10K, I found statements to say that £10K is the maximum that can be withdrawn from online savings accounts but I couldn't find anything to confirm whether that withdrawal could be FP'd elsewhere. However, it could well be that that is the limit, in which case that's not the cause of the OP's issue (although we still don't know if the receiving sortcode is FP enabled).