Faster Payments - My !*$&

Simon7685

I paid Very via faster payment today for the 1st time and it has been credited within 3 hours!

ehlo

catslovelycats wrote: »

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

If you start the transfer to AA/NP from them then it will use direct debit. Send the money from your account as a faster payment and it should be one working day.

YorkshireBoy

ehlo wrote: »

If you start the transfer to AA/NP from them then it will use direct debit. Send the money from your account as a faster payment and it should be one working day.

'catslovelycats' was talking about withdrawing from the accounts, not paying in.

Withdrawals used to be 3 days by BACS, but now must be completed by the end of the next working day (under the payment services directive which came into force on 1st Jan).

SCO

Done a faster payment from my HBOS current account to my HBOS credit card yesterday still not credited today!

Simon7685

Have just checked EVanquis and my payment has been credited to my account and not before time.
According to Vanquis the payment was made on 5th January, which is strange as it shows as leaving my bank account on the 4th. So the cynic in me says if they have it as the 5th they have until the end of the 6th and low and behold it appears as credited sometime between 7pm and 11pm today.

However the fact remains it took them over 48 hours from the payment leaving my account for them to credit it. From reading what other people have written Vanquis are not the only ones taking longer than they should to credit peoples payments. Why is it that financial institutions always take the pee and believe that they can do as they choose irrespective of whatever the rules are???

It is about time these institutions were forced to play by the rules, though I doubt they ever will................

YorkshireBoy

Simon7685 wrote: »

It is about time these institutions were forced to play by the rules

So you sent your payment on Wed 4th (what time?).

Irrespective of when you actually first saw the transaction appear, does your Vanquis statement, or recent transactions page, show the payment as being credited to your account on Thurs 5th?

If the answer is yes (and you didn't send it too late in the day on Wed 4th), then Vanquis have indeed "played by the rules". If the answer is no, then make a formal complaint citing their failure to adhere to the new PSD regulations.