Faster Payments from Santander not so fast!

garethBuck

Hi all,

I have made several transfers recently from my Santander Bank account via faster payments. On each occasion the payments have not gone in until the next day. When I chase them up they assure me that the payments have gone but can take up to 16 hours to show in the relevant account. These are accounts I have previously transferred to and the funds have shown up instantly in the past.

Is this normal and is there anything that can be done about this? I thought the whole point of the faster payments service was that it would be approx 2 hours for a transfer?

innovate

Despite the common misconception that FPs must be instantly or within 2 hours, the only legal obligations banks and BSs have is that payments must arrive by the end of the next business day. Which they seem to do in your case.

Where are you sending your money to? It isn't necessarily to sending bank that is holding things up, it could be the receiving bank. What amounts are you sending? Larger amounts are subject to larger scrutiny. There could be a whole host of other reasons why your payments are being processed a bit slower than they used to.

Not that it is of any help to you, but for your information - - 99% of my payments from my 123 do arrive at other UK banks and BSs almost instantly. Occasionally, though, a payment takes a few more hours than usual. I have no idea whether it's Santander not sending the money immediately, or the receiving bank/BS not immediately crediting it.

10_66

garethBuck wrote: »

Hi all,

I have made several transfers recently from my Santander Bank account via faster payments. On each occasion the payments have not gone in until the next day. When I chase them up they assure me that the payments have gone but can take up to 16 hours to show in the relevant account. These are accounts I have previously transferred to and the funds have shown up instantly in the past.

Is this normal and is there anything that can be done about this? I thought the whole point of the faster payments service was that it would be approx 2 hours for a transfer?

What usually happens with payments out of Santander is, the first payment to someone will arrive same day, the second payment to the same person/organisation will usually arrive next day. Thereafter, all other payments normally arrive same day.