Faster Payments - My !*$&

Simon7685

I can't for the life of me work out these faster payments, one minute they happen in an instant, the next it's like sending a cheque all over again.

Last month I paid Vanquis, Capital One and Aqua via faster payments and all were paid and credited the same day. This month and it's all change again, Cap 1 was paid and still credited to the account the same day. Aqua worked the same way but Vanquis........... Oh dear!! I made a payment of £131.95 and it went swimmingly out of my account straight away, confirmed it was sent straight away, advised it should reach the account within 2 hours and 36 hours later and Vanquis still haven't credited it to the account. Just as well the payment isn't due until Jan 21st, at this rate it might just get credited in time!!!

Good old Vanquis...........
I thought all faster payments were supposed to completed faster than this since this month, or did I misunderstand it???

Colin12000

You understand it correctly. My guess is that the faster payment was processed just fine, its Vanquis that are lax in crediting the money to your account.

You can be sure they had it straight away though.

opinions4u

Vanquis are required to credit your account by the end of the following day after the funds were sent.

Did the achieve this?

Gromitt

If you sent the payment on a Friday night, I would say it would be acceptable for Vanquis to process the payment on Tuesday and it might not have reached them until Monday night (D+1).

But if you sent it on a Monday for example, should definitely be credited by Wednesday, although most would process on the Tuesday, and if you sent early Monday, by Monday.

opinions4u wrote: »

Vanquis are required to credit your account by the end of the following day after the funds were sent.

Surely this should be 'by the end of the following working day after the funds were received' ?

Simon7685

I sent the payment on Wednesday, which it shows on my online banking as leaving my account. I have just logged onto Vanquis now and it is still not showing as being credited to my account. By tea time today it will be 48 hours since the money left my account. So at worst case it should have been credited to my account by the end of yesterday??? sent on Wednesday pm - credited by end of Thursday. I don't see any reason why it should go wrong in any way as I have paid them using my online banking since I opened the account, so all the details are correct and in any case last month I got the statement on 5th December and sent payment on the 6th (morning) and it was credited by the end of the same day.

So if it's not credited by the end of today, who do I go to first, my bank who sent it, or Vanquis who it was sent to???

NorthernOne

I had this problem with Vanquis when I had one of their cards. Have you used the telephone balance checker as the online system is not always reliable?

Simon7685

I have just looked up the Capital One details for this month, sent on 30/12/11 @ 12:16pm, credited to my Capital One account 2 hours later!!! If they can do it why can't Vanquis?????

Simon7685

NorthernOne wrote: »

I had this problem with Vanquis when I had one of their cards. Have you used the telephone balance checker as the online system is not always reliable?

No not yet, I might give it a try later on though, I try to avoid using it as it costs me to use it with my phone provider.

Catslovelycats

I've noticed with 2 savings accounts (AA and N&P) that if I send an FP from my bank account it goes within 2 hours but if I claim the money via the AA/N&P nominated account system they say it will take 3 days.... Strange

Rafter

Simon,

As long as when the amount is eventually applied to your account it is done no later than 1 working day following your payment then Vanquis will have complied with the regulation.

I think you are just over estimating their level of customer service in applying payments as they are received and keeping their website up to date.

Catslovelycats,

All depends which system is being used. The 3 day delay using bacs is still allowed under the new regulations as long as you don't lose more than a days interest on the transfer. In other words as long as the money doesn't leave your nominated account more than 24 hours before it is applied to your N&P/ AA account then the regulation has been complied with.

R.

Simon7685

Just checked on EVanquis and it still has not been credited to my account. I am not worried as such, as the payment date is 24 January and obviously it should be credited by then. The annoying thing is it is supposed to be faster than this now, if the regulations say it should be credited by the end of the following day, then surely they should have to abide by that??

If it is not credited by tomorrow morning I am going to ring them and ask why it hasn't been done. Is there any way past the 0871 number as I don't get those free?