Santander faster payments - not so fast

peasantboy

Is there any particular reason why it takes Santander 16 hours to transfer money to another bank account? When others like HSBC and Cooperative are instantaneous or take no longer than 2 hours.

I've been told by Santander it would take 2 hours. 8 hours later, still nothing. Called customer service again was told it can take up to 16 hours. If that's the case it isn't a same day transfer, the money won't go into the requested account until the next day. Sigh. Time to close my account with them.

innovate

The committed timescale for all faster payments, with all banks, is "by the end of next business day" - regardless of the fact that many payments happen almost instantly, or within a couple of hours. Also, it is not necessarily the sending bank's 'fault' if payments aren't instant. It could well be the receiving bank doesn't credit the money to you immediately.

So if you made a faster payment at, say 10am today, the banks involved are only committed to get the money to the receiving account by midnight tomorrow.

You can read loads more about faster payments on http://www.fasterpayments.org.uk

Having said all this, Santander are renowned for blocking larger payments for what they refer to as "fraud protection / money laundering reasons". They should be calling you if that is the case, but if they do not reach you immediately when they try calling you, things could go into a black hole.

If you haven't had any call, and if your money has not arrived by end of the next business day, you have valid reason for a complaint, and compensation for expenses and any financial loss.

exel1966

I make payments from my Santander E-Saver to a Lloyds current account on a daily basis. I usually have the Lloyds website open at the same time. I 'm sure the longest time it's ever taken for a transfer is approx 3 seconds, though I'm usually only moving hundreds rather than thousands.

Milarky

Is that 'first-time payment' with Santander still subject to checks which would cause it not to be sent instantly? As post #2 points out banks can still hold your payment for upto a working day anyway. In all cases, though, that payment will be 'sent' as a Faster Payment (meaning it will transfer within two hours and there is no loss of a day's interest on the amount itself)

kulath

innovate wrote: »

The committed timescale for all faster payments, with all banks, is "by the end of next business day" - regardless of the fact that many payments happen almost instantly, or within a couple of hours.

I don't think that is true.

"From the beginning of 2012 all payments must reach the recipients account by the next working day after the customer has initiated the transaction" [1]. But this is a regulatory requirement: "The new regulations will require most sterling payments within the UK and sterling or Euro payments within the EEA to reach the destination account by the end of the next (or following) working day following receipt of instructions" [2].

Faster payments "allows customers to make faster automated payments...enabling the payments to get to the destination within a couple of hours" [3].

I think organisations that advertise faster payments (like Egg) but only meet the next working day deadline are breaching Trade Descriptions (except that I think TD doesn't apply to financial institutions) and are cheats.


[1] http://www.fasterpayments.org.uk/faster_payments/about_faster_payments/-/page/1941/
[2] Letter from Egg savings about faster payments
[3] http://www.fasterpayments.org.uk/faster_payments/about_faster_payments/-/page/1942/

innovate

kulath wrote: »

I don't think that is true.

"From the beginning of 2012 all payments must reach the recipients account by the next working day after the customer has initiated the transaction" [1]. But this is a regulatory requirement: "The new regulations will require most sterling payments within the UK and sterling or Euro payments within the EEA to reach the destination account by the end of the next (or following) working day following receipt of instructions" [2].

Faster payments "allows customers to make faster automated payments...enabling the payments to get to the destination within a couple of hours" [3].

I think organisations that advertise faster payments (like Egg) but only meet the next working day deadline are breaching Trade Descriptions (except that I think TD doesn't apply to financial institutions) and are cheats.


[1] http://www.fasterpayments.org.uk/faster_payments/about_faster_payments/-/page/1941/
[2] Letter from Egg savings about faster payments
[3] http://www.fasterpayments.org.uk/faster_payments/about_faster_payments/-/page/1942/

Your quoted text confirms exactly what I said.

dalesrider

Milarky wrote: »

Is that 'first-time payment' with Santander still subject to checks which would cause it not to be sent instantly?

But for a new payment santander send the one time text to confirm its a genuine payment set up by the account holder.
You go to make payment, they send text. You enter code in text and money is sent.

withabix

I am currently 'waiting' for a £1600 transfer from Santander to Barclays made yesterday.

When I transfer the other way, it is always instantaneous.

Barclays say it is Santander that hold it up.

opinions4u

Faster Payments is a fraudster a dream.

Delaying a limited number of payments to ensure they are fraud free is not the end of the world.

anselld

kulath wrote: »

I don't think that is true

It is true. The requirement is end of next working day.
You can guarantee at least one thread every Easter /Christmas complaining where next working day becomes five days later over a weekend. All exactly as allowed by the terms.

They usually only hold up the first amount to a new recipient, but are within their rights to hold any payments till midnight next working day.