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2sides2everystory

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bengal-stripe

Until recently it used to be the case that the first payment to a new payee was sent by slow coach (BACS) and subsequent transfers went by Faster Payment. (I presume your new ISA is a brand-new payee which you've only set-up today).

That might have changed after January 1st, when FP has become the new standard. According to the regulations, a payment has to arrive the end of the next working day at the latest, which this weekend, I'm afraid, will be Tuesday. Let's hope you've got the details right, otherwise a search party might be needed.

Until Tuesday evening you have nothing to complain about.

jen245

This happened to me, and it left my account the next day (with the date that I actually made the payment). They told me it was delayed due to fraud checks as it was a new payee. Your payment should go overnight.

Paul_01

Fraud?

How?

Incompetent maybe, but its hardly fraud.

Relax, enjoy your bank holiday and sort it next week.

:-)

Mikeyorks

2sides2everystory wrote: »

They have just over two hours.

As you've already been advised ........ they have until close of business on the next working day (ie Tuesday).

Extract from the Payment service regs effective from 1.1.12 :

as from 1 January 2012 a D+3 execution time can no longer be agreed with payment service users (PSUs). From that date the onus under Regulation 70(1) will be on the payer’s PSP to ensure “that the amount of the payment transaction is credited to the payee’s payment service provider’s account by the end of the business day following the time of receipt of the payment order” (i.e. D+1).

molerat

From http://www.payyourway.org.uk/news-and-views/2011/12/23/all-internet-and-phone-payments-to-be-faster-from-2012/

New legal requirement for electronic payments to reach the recipient’s account by the business day after being sent at the latest

The new maximum timescale for electronic payments, technically known as D+1, requires payments across the EU to reach the recipient’s account by the end of the next working day.

The moral of the story being don't leave it until the last minute before a BH to move money as it is perfectly within the regulations for it to arrive after the BH. It also does no favours to your blood pressure.

MME_2

Have you checked the beneficiary sort code accepts faster payments?

Santander are under no obligation to transfer out payments as fast as they are received. They just have to make sure it gets to the beneficiary by the close of the next business day as quoted above. If the funds don't arrive on Tuesday then you have a complaint to make. Otherwise I'm afraid you haven't a leg to stand on.

Also see the link on their website regarding faster payments. Specifically:

How long will it take for a Faster Payment to arrive at another bank?
Faster Payments enables you to use the branch, internet or telephone to make a payment that will usually reach the destination account within a few hours. Most payments will normally arrive on the same day that we process them. However, some may take up to the end of the following working day to credit the destination account.

MME_2

Always a shame when someone can't have an adult conversation without getting offensive. Water off a ducks back mate, I deal with people 10 times worse than you on a daily basis and I'm yet to be fazed.

I underlined the correct part, thank you. If your highlighted sentence said 'all payments will normally...' then you would have an argument. It doesn't, it says 'most'. Not an obsession with small print, it's quite large in the FAQ section.

Go blame the EU, they set out the stall for payment timescales.

With love...

MamaMoo_2

I'm by no means an "apologist for the banks", however it has always been made clear to me when making the first payment to a new payee with Santander that it will credit the following working day.
It's also perfectly acceptable, as it is still within the FP timescale. Just because you are used to other banks doing it more quickly, it doesn't mean that Santander have to do it faster than they are required to.
And yes, you will find incoming transactions arrive immediately, it doesn't mean that outgoing transactions taking longer is fraudulent

RetiredInThailand

dori2o wrote: »

To be honest if I was in charge of a bank and could see payments coming in and out of an account willy nilly, I too would withold payments and investigate it for potential money laundering.

I do wish people would see beyond the money-laundering smoke screen that the government and banks like to throw up these days to confuse the pea-brained.

Sending one transaction from one account in your name to another account in your name, then realising it was a mistake and sending it back again is not and never will be anything remotely resembling money-laundering. It is also no reason at all to block an account or a payment.
Would they block the transaction if it was a cheque? Of course not. What's the difference between a cheque and BACS or FPS as far as traceability goes? Nothing.

MME_2

If you want quoting the exact T&Cs that's fine as well. You told me 'So please go pee in the wind with your obsession with selecting smallprint' before. Which is it to be? You don't seem to be able to grasp that the money legally doesn't have to arrive until the end of the next working day.

So for the forth or fifth time this thread...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=DocumentoGS&canal=CABBEYCOM&cid=1237899533653&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FDocumentoGS%2FDocumentoGSPreview
6.9.1
Payments by internet, phone, electronic transfer, Direct Debit or standing order are
normally taken from your account on the same working day we receive your instruction.
The payment will normally reach the bank of the person you want to pay no later than the end of the working day following the working day on which we receive your instruction.

6.9.2
If we are able to send your payment as a faster payment using the Faster Payments
Scheme, we will do so. A faster payment will normally reach the bank of the person you
want to pay sooner than the timescale referred to in condition 6.9.1 (normally within
two hours) provided that:
a) the bank of the person you want to pay is a member of the Faster Payments Scheme;
b) you have provided a sort code for the bank of the person you want to pay which is
recognised by the Faster Payment Scheme;
c) the amount of the payment is within Faster Payments Scheme Limits
(see condition 6.5.2);
d) we do not suspect fraudulent activity on your account. (There may be a delay in
processing your payment transaction while fraud prevention checks take place.
We may need to contact you if we suspect that a transaction is fraudulent.) If we
contact you, this may be by phone and may include an automated message.
If we are unable to send your payment as a faster payment, we will attempt to contact
you to agree an alternative method of sending the payment.

There is no 'misreporting' here - you have confirmed that the money hasn't even debited your account yet. The only issue Santander have in this case so far is that where it says 'last payment made' on your internet banking, it should say something like 'last request received'.

Best wishes...