Faster payment delayed, whose fault?

ZINXYX

Hi,
I made a faster payment from my HSBC account to my Virgin Credit Card on 31/03, however Virgin applied the payment on 02/04 and as a result I have been charged late fees and interest on a 0% offer.
Whose fault is it and what can I do?
Many thanks.

Gromitt

Its your fault.

31/3 is a Saturday and so not a banking day. The next banking day was the 2/4 and the day it was applied.

Faster payment are only guaranteed to arrive "By the end of the next working day".

ZINXYX

Gromitt wrote: »

Its your fault.

31/3 is a Saturday and so not a banking day. The next banking day was the 2/4 and the day it was applied.

Faster payment are only guaranteed to arrive "By the end of the next working day".

Thanks, an expensive but valuable lesson learnt.

IWantToBeFree_2

Give them a call - if its the first time they may reinstate the 0% interest on the balance and potentially refund the charge

Fruit_and_Nut_Case

Another thing to bear in mind. Faster Payments are from one bank account to another. When your payment gets to Virgin's bank account it still takes additional time for them to allocate it to your credit card account.

Rupert_Bear

IWantToBeFree wrote: »

Give them a call - if its the first time they may reinstate the 0% interest on the balance and potentially refund the charge

Perhaps just as important the OP needs to set up a dd for min payment.

bengal-stripe

Fruit_and_Nut_Case wrote: »

Another thing to bear in mind. Faster Payments are from one bank account to another. When your payment gets to Virgin's bank account it still takes additional time for them to allocate it to your credit card account.

MBNA (who runs Virgin Card):

Faster Payments received Monday to Friday before 4pm, will be credited to your account the same business day, after 4pm and on weekend/bank holiday, they will be credited to your account the next business day.

heloid

IWantToBeFree wrote: »

Give them a call - if its the first time they may reinstate the 0% interest on the balance and potentially refund the charge

Definitely do this. Shame companies still haven't moved to a full 7 day week now that faster payments supports it.

virgo17

heloid wrote: »

Definitely do this. Shame companies still haven't moved to a full 7 day week now that faster payments supports it.

Totally agree that you should contact them and eat humble pie. I fell into the same trap over the Easter break.

I securely messaged Virgin CC and apologised. I also set up a Direct Debit for the minimum payment to ensure this didn't happen again.

Virgin very kindly refunded the £12 late payment fee and confirmed there would be no entry on my credit file :T