Faster Payments Question

skea56

Hi all

My company pays us all by faster payments, used to be authorised on a Wednesday and received on Friday, but after one too many late payments, it is now done on Tuesday and received Thursday.

Arrived in today with no payment received (Even though it was done on Tuesday). Spoke to our bank rep who said to try each payment individually rather than the batch it is usually done in and payment should be received today or tomorrow at the very latest.

Accounts manager tried my account and one other as a test, both accounts are Santander, as is the company (A&L) - other account was credited immediately, I am still waiting, even though my payment was done about 15 mins before the latter.

Thankfully I am not standing waiting on the payment, but others are (We've already received quite a few calls this morning from employees).

So my question is, when are we likely to be paid seeing as its a bank holiday weekend, and why would one account be credited and not the other?

Thanks in advance

sk56

Gromitt

"authorised on a Wednesday and received on Friday" and
"done on Tuesday and received Thursday." sounds like BACS Direct Credit to me, not faster payments, which is what most companies use for payment their employees.

Next working day will be Tuesday 10th. I wouldn't expect any credits before this.

Can't explain your other question.

MoneySaverLog

Does seem odd that they should miss paying you on time. I've never been in position where they have failed to pay on time in 25 years of working for various companies.

Are you sure the company is not in trouble financially as something like payroll should be a given that it's paid ontime and for it to happen more than once is rather worrying.

Has as been stated faster payments should arrive in a few hours of payment and certainly by the same day it's paid to you.

BJV

We use Santander for our business banking and sometimes there is no way of knowing when the money will hit the account. We transfer money from our credit card company to our client account it can take as little as a couple of hours to 7 days for no apparent reason.

Mikeyorks

skea56 wrote: »

My company pays us all by faster payments,

Highly unlikely - given the timeframes you quote. It's by BACS Direct Credit - which is a 3 day cycle.

and why would one account be credited and not the other?

Because the target date for payment is likely Tue 10/4 ...... and the 'one account' is with a Bank that both takes DDs early and gives credits early (if due on the working day after a weekend / Bank holiday). The 'other account' is with a Bank whose software actually recognises weekends.

Presumably your employer got the file to BACS late - or messed up the target date. On the 'one account' ...... the credit date will be 10/4?

skea56

Thanks everyone for your replies.

My bank account wAs eventually credited at about 2pm-rest of the employees received theirs by 12pm. Each one had to be done individually.

The company is not in trouble lol-I work in the accounts department and myself and the accounts manager completed the wages on Tuesday afternoon so ino they were def done.

It has only been in the last few months when Santander "upgraded"our account-there was never a problem before. It also seems to be affecting creditor payments also-appear later than supposed to, making suppliers uneasy and delaying orders.not nice when the money has been paid in good faith.

Just happy I've been paid.

Sk56

Mikeyorks

If you work in the Accounts Dept - can you clarify how 'Faster Payments' takes 3 days - even with Santander? Even before the 'upgrade' ..... it appears to have taken 3 working days?

xylophone

It seems to me a matter of great concern when an employer cannot guarantee to pay staff on time (unless in extraordinary circumstances).

Should your employer be thinking of transferring company accounts to another bank?

whitewing

If the payment was done by batch last Tuesday and then done individually, does this mean that all employees will get paid again on Tuesday 10th?

skea56

Mikeyorks wrote: »

If you work in the Accounts Dept - can you clarify how 'Faster Payments' takes 3 days - even with Santander? Even before the 'upgrade' ..... it appears to have taken 3 working days?

That I'm not sure about-before the so-called upgrade it was a standard 3 days, never a problem. It was the banking rep that called it faster payment.

skea56

whitewing wrote: »

If the payment was done by batch last Tuesday and then done individually, does this mean that all employees will get paid again on Tuesday 10th?

We're off all week anyway so it can be used as holiday pay-we'll gt it a few days early woohoo!!

Sk56