Cash advance still Unavailable despite being told it would be in account?

j3251

Hi

Friend requested a cash advance via credit card (vanquis) to be transferred to bank account.

Advised yesterday it would be available in bank account today,upon checking vanquis online it's showing money has left..

Checking online bank account its not available?Friend called vanquis to query why funds weren't available in bank account?

Advised it would be available at some point today??

Is this a common thing?Always assumed if money is not there first thing in the morning you would have to wait following day?

PS: Friend knows and understands its one of the worst things to possibly do with a credit card,asking for cash advance,paying crazy charges etc..Unfortunately she needs the cash due to emergency.

BugsyBrowne

Can you not help your friend out if its an emergency.

grumbler

Although it is called Faster Payments, the deadline is the end of the next day.
Usually it's instant, but not always.

InsideInsurance

Not all transactions go by Faster Payment so it could be 3 working days to clear.

Why didn't she just use an ATM to withdraw it?

j3251

Not able to help out as I have acquired 3rd property..

Not too sure why ATM wasn't used? It's £3000 she was advised by advisor she would be cheaper to do a cash advance V ATM withdrawals??

j3251

If it takes 3 working days fair enough..Just goes to show how misleading they can be if it takes 3 working days..

Friend was more or less told "guaranteed next day"?

InsideInsurance

ATM withdraws are cash advances but I guess with that amount then you'd run into the daily limit and I suspect ATMs may add their own fee on top as well.

I thought the max Vanquish limit was someway below the £3,200 or so limit you'd require to get a £3,000 advance

j3251

Yeah it was slightly below £3000 I meant..(just rounded it up) Money is available in her bank account!

Thanks for all help/support

ElkyElky

Would hate to see what charges and interest will be due on your friend's next statement. Doesn't bare thinking about!

YorkshireBoy

InsideInsurance wrote: »

Not all transactions go by Faster Payment so it could be 3 working days to clear.

Once actioned, the payment has to arrive by the end of the next business day in order to comply with the payment services directive/regulations.

Are you saying there are some lenders who are not complying with this? Or are you (incorrectly) stating some payments still go via the now defunct BACS Transfer* 3-day process?


* Not BACS Direct Credit, which is still a 3-day process (but generally used to pay salaries, pensions, benefits etc).

bengal-stripe

j3251 wrote: »

.....cash advance via credit card (vanquis)......

j3251 wrote: »

Yeah it was slightly below £3000

Does Vanquis even have high enough limits for a cash advance of this size?
Interest rate on cash advance can be up to 99.99%.