bank payment from someone elses account

renobabeslab

a friend pays money into my account every friday to pay for her catalogue payment, she said its "come out" of her account, but it didnt shown up in mine yesterday (good friday) or today (saturday), will it be tuesday.

richard9991

renobabeslab wrote: »

a friend pays money into my account every friday to pay for her catalogue payment, she said its "come out" of her account, but it didnt shown up in mine yesterday (good friday) or today (saturday), will it be tuesday.

Should have shown with in 2 hours faster payments are unaffected by bank holidays

innovate

richard9991 wrote: »

Should have shown with in 2 hours faster payments are unaffected by bank holidays

How can you say that?

The Faster Payment commitment is that payments reach their destination by the end of the next business day. Therefore it might well be that the payment will not arrive until the end of Tuesday. Although, if it left the sender's account, it may arrive before then.

agrinnall

Interestingly there appear to be two confliciting timescales. The Faster Payments Scheme specifically states that Single Immediate Payments "...must be available in the receiving customer account withing 2 hours" (http://www.fasterpayments.org.uk/faster_payments/how_to_use_the_faster_payments_service_new/-/page/1947/)

But the Payment Services Regulations say that "...their transaction must be made by the business day following the one on which they placed the payment order" (http://www.fsa.gov.uk/doing/regulated/banking/psd/faqs#faq3)

The general consensus on here is that it's the PSRs that really matter, in which case the money can arrive any time up to the end of Tuesday. But FPS is quite categoric on the timescale, so if the payment was indeed a SIP (i.e. was initiated by the OP's friend rather than generated automatically by the bank's systems) then it should indeed have appeared within 2 hours, unless the friend was advised of a failure to make the payment (usually because of a technical issue) at the time it was done.


Edited to add that I was going to say the same as innovate, but thought I would check before posting, and discovered what I have now posted.

Goldiegirl

I work for a tiny, tiny bank.

If a customer wants to make a Single Immediate Payment, they have to phone or write to us for this.

We do have online banking, and customers can make faster payments from their account. But these online Faster Payments that the customer generates are the type that arrive the next business day. So any Faster Payment that the user generated on Thursday will arrive at the beneficiary account on Tuesday.

Of course, we are a very small bank - for a 'normal' hight street bank, I'd still expect the payment in two hours.

But it is possible this payment is on the 'slower' system, so you may have to wait until Tuesday.

innovate

One difference between what it says on the FP site and what PSR says is that PSR is law.

Other than that, I think the FP site is wrong, it should say payments "should normally" arrive within 2 hours. And that should be qualified further since there are periods of regular and irregular system maintenance that will make a 2 hour turnaround simply impossible, even, or especially, with big banks.

Goldiegirl

Just thought to add, if one of our customers generated an online payment on Good Friday, as we are not a 24 hour bank, we would not process the payment until Tuesday, so the beneficiary would not receive the payment into their account until Wednesday

agrinnall

innovate wrote: »

One difference between what it says on the FP site and what PSR says is that PSR is law.

Other than that, I think the FP site is wrong, it should say payments "should normally" arrive within 2 hours. And that should be qualified further since there are periods of regular and irregular system maintenance that will make a 2 hour turnaround simply impossible.

I am inclined to agree that the FPS site is wrong, or at least badly worded (I note that the copyright date on the page is 2011, so before implementation of PSRs). But they do in fact cover the issue of maintenance by saying:

"Sometimes the receiving bank is unable to take the payment immediately, in which case the customer should be given a response indicating when they can expect the funds to reach the account. Reasons for this include an operational issue at the receiving bank or if the receiving account does not permit immediate posting of the payment."

We have no indication that the OP's friend received any such response.

YorkshireBoy

innovate wrote: »

One difference between what it says on the FP site and what PSR says is that PSR is law.

Indeed. The PSRs, as a SI, are deligated, or secondary, legislation, sitting under the Financial Services and Markets Act 2000.

Other than that, I think the FP site is wrong, it should say payments "should normally" arrive within 2 hours.

It should also say '(bank) working day', not 'day'.

YorkshireBoy

Goldiegirl wrote: »

Just thought to add, if one of our customers generated an online payment on Good Friday, as we are not a 24 hour bank, we would not process the payment until Tuesday, so the beneficiary would not receive the payment into their account until Wednesday

...which would still comply with the PSRs.

However, if the receiving bank had 'problems' receiving payments, and so could not process the payment until Thursday, then between you, you have not complied with the PSRs...and cheesed off a customer (or two)!

innovate

agrinnall wrote: »

We have no indication that the OP's friend received any such response.

They might well have been "told" that the payment will arrive by the end of the next working day, but not noticed it because normally you get in big letters something like "Your payment has been made", and then in smallprint underneath an indication as to how long it might take. That smallprint is usually heavily disclaimed with something like "subject to the normal security checks" blah blah. The money will generally also have disappeared from your balance, and the payment will show in your transaction list, regardless of whether it has arrived the other end or not.

I can't actually recall having seen anything from any bank or BS that confirms that the payment will indeed arrive within 2 hours, and I do make a fair few transactions with a fair few of them. There is always some sort of disclaimer, like "it will usually arrive within 2 hours". Even for those payments that arrive literally instantly.