House deposit - Santander faster payments or CHAPS?

innovate

KTF wrote: »

So if you do it 'properly' then you have nothing to fear from Santander and their (allegedly over excitable) fraud team.

They - or their computers - are indeed over-excitable.

Got a new 123 (added to another one plus other accounts I have there), so I set up the required "bouncing" of £500. On Saturday morning, I transferred in £1, then £499, from another current account. All arrived ok instantly.

Then, because I don't want to load that 123 just yet, I transferred £1 back to where it came from. Arrived instantly. Super - so I proceed to transferring back the remaining £499 - was taken off my balance immediately but never arrived until this morning. I had other FPs going into the target account ok over the weekend, so the only explanation I have is that the Santander fraud procedures struck. They didn't breech any turnaround targets, they just stopped my plans with random checks (after they let my £14.5K go out with no checks last week.....but I suppose that was a different account because it was my other 123....)

KTF

Yeah, I have has some faster payments that have not registered until midnight and others that have arrived almost instantly.

Seems to be random but I guess there is some algorithm at work behind the scenes. Its not caused me a problem yet and I always factor in a bit of time just in case the faster payment isn't quite instant.

anoncol

innovate wrote: »

Yeah, I would most likely have done the same.

Particularly after I did manage the other day to send £14.5K to a wrong payee myself. I have absolutely no explanation whatsoever how I managed to do this, because obviously I had to select the payee, and then confirm it was the right destination. Complete eclipse of the brain somehow!

I noticed the error when I looked at the transaction list immediately after the payment had left. Instantly rang Santander, in the hope the payment had been held up by their fraud team - but no such luck, the money had arrived the other end already. Luckily the recipient was a small local firm, honest to the bone, and solvent (lol), who sent the money straight back to me. So I never needed to panic - - but it was an excellent lesson in what could go wrong if you don't pay attention.

I thought account numbers were CRC checked? so an incorrect digit would be an invalid account number?

I always personally transfer a magic £1.23 or something to test the account details are correct.

innovate

anoncol wrote: »

I thought account numbers were CRC checked? so an incorrect digit would be an invalid account number?

I always personally transfer a magic £1.23 or something to test the account details are correct.

I wasn't using an incorrect account number, and I had long tested the validity of the account I sent the money to. They are in my payee book. I just selected the wrong payee from the dozen or so payees I have sitting there, for the simple reason that I made a payment to them before. Stupid thing to do? Yes. Definitely.

canny_lass_2

Going into the branch is always the safe option if you are sending a large amount of money. My branch is really friendly and helpful.