How can 2 transfers within minutes have 2 different date stamps?

Nine_Lives

I came home from work & went online, somewhere around 5pm yesterday & found that my newly opened FlexDirect account was showing online.

Great stuff.

As ever when transferring large amounts of money, my initial transfer is for a small amount - just in case i enter the details wrong or whatever. So i set up a transfer from my Santander eSaver for £1.

Instantly log in to Nationwide to check it's landed - it has. Great.

NOTE: I've not yet logged out of Santander, so i go back to that tab. My details are now listed under the transfers section, so i select & transfer £2,499. How much time has passed? Perhaps 60 seconds, 90 seconds TOPS.

I go back to Nationwide & check - nothing showing.

I go back at about 10pm that night (so well past the "up to 2 hours" you sometimes see) & still nothing.

Just looked now & it's showing, thankfully.

The £1 has a date stamp of 9th March, the £2,499 a stamp of 11th March - despite 90 seconds tops between transfers.


This isn't a complaint as how much interest will that really have cost me? Nothing to moan about that's for sure!

It's just a confusion/curious question - how the 2 different stamps when only 90 seconds tops separated the transfers?

Hominu

The first transaction occurred before the cut-off time, the second happened afterwards, so was dated the next working day.

If the cut-off time was 5pm, then a transaction made at 5pm would be dated the next working day, whilst a transaction made at 4:59pm would be dated the same day, despite only 60 seconds separating the two transactions.

ColdIron

I sometimes find that if you make 2 back to back transactions to a new payee the second can be held up for security checking

Nine_Lives

Hominu wrote: »

If the cut-off time was 5pm,

Ah i see.

I get the impression from your post that either -

* different banks may operate different cut off times
or
* you don't know what the cut off time is

?

innovate

Nine_Lives wrote: »

Ah i see.

I get the impression from your post that either -

* different banks may operate different cut off times
or
* you don't know what the cut off time is

?

Hominu was just giving an example time as an illustration!
But yes, different banks have different cut-off times.

mulronie

Actually something weird happened to me with my Santander eSaver funding of the new Nationwide accounts, on the same days as you.

1. Sent £1 over on the 8th, received instantly at Nationwide - happy days

2. Sent £2499 over (about 1 minute later, nowhere near the Santander cut-off of 8.15pm)... account debited on the 8th, no credit to Nationwide. I assumed it had been held by Santander for security reasons; technically I can't get snotty with them provided the funds hit by Monday.

3. Checked today - the £2499 was returned to Santander dated the 9th (yesterday) marked "REJECTED BILL PAYMENT VIA FASTER PAYMENT", and had been re-processed by Santander that day, and received at Nationwide marked the 9th.

So... I'm guessing there was a gremlin in either Santander's outbound or Nationwide's inbound FPS engine sometime Friday evening. Weird but one of those things!

charlieboycat

mulronie wrote: »

Actually something weird happened to me with my Santander eSaver funding of the new Nationwide accounts, on the same days as you.

1. Sent £1 over on the 8th, received instantly at Nationwide - happy days

2. Sent £2499 over (about 1 minute later, nowhere near the Santander cut-off of 8.15pm)... account debited on the 8th, no credit to Nationwide. I assumed it had been held by Santander for security reasons; technically I can't get snotty with them provided the funds hit by Monday.

3. Checked today - the £2499 was returned to Santander dated the 9th (yesterday) marked "REJECTED BILL PAYMENT VIA FASTER PAYMENT", and had been re-processed by Santander that day, and received at Nationwide marked the 9th.

So... I'm guessing there was a gremlin in either Santander's outbound or Nationwide's inbound FPS engine sometime Friday evening. Weird but one of those things!

This is exactly what happens whenever Santander's systems put a transfer on hold pending their "security checks" and then release the money the following day. Although the "Rejected" entry is dated the 9th, it is effective from the 8th for Santander interest calculations (I know, its happpened to me several times, and I check the interest calculations very carefully). So Santander's security check hasn't deprived you of a day's interest. But it will have deprived you of one days worth of the extra (circa 2% presumably) higher interest in Nationwide. I make that 14p before tax.

charlieboycat

ColdIron wrote: »

I sometimes find that if you make 2 back to back transactions to a new payee the second can be held up for security checking

In my experience this is invariably the case with Santander - but not a problem with NatWest or Lloyds.

melbell

charlieboycat wrote: »

I make that 14p before tax.

I am waiting for the post from a member who states to make a complaint and take it to the FOS :rotfl:

gb12345

charlieboycat wrote: »

This is exactly what happens whenever Santander's systems put a transfer on hold pending their "security checks" and then release the money the following day. Although the "Rejected" entry is dated the 9th, it is effective from the 8th for Santander interest calculations (I know, its happpened to me several times, and I check the interest calculations very carefully). So Santander's security check hasn't deprived you of a day's interest. But it will have deprived you of one days worth of the extra (circa 2% presumably) higher interest in Nationwide. I make that 14p before tax.

I can confirm this as it happened to me when I sent a large payment to a new recipient.

Initially Santander tried to tell me that it was due to insufficient funds, despite the fact that my cleared balance plus o/d facility was nearly twice the amount being transferred. But when I told them that this was clearly not the case, they came back with the above explanation.

agrinnall

Hominu wrote: »

The first transaction occurred before the cut-off time, the second happened afterwards, so was dated the next working day.

If the cut-off time was 5pm, then a transaction made at 5pm would be dated the next working day, whilst a transaction made at 4:59pm would be dated the same day, despite only 60 seconds separating the two transactions.

While I would have agreed with this had the transactions been done on a working day, they were in fact done on Saturday. I don't bank with Santander so don't know how their FPS works, but the fact that the £1 was dated for that day suggests that even if there is an every day cut off time then the second transaction would have been dated the next day at worst, and as it was dated the day after I think it may well have been held up for manual checking.