Fasterpayments

rubble2

I have been using this system to pay creditcard bills etc for quite a while.

I understood that the payments transferred within a couple of hours irrespective of the day of the week, bank holidays etc.

I have just had a situation with MBNA where a I made a payment which left my bank account on Friday 10th May, but didn't credit MBNA until 13th May (Monday). When I spoke to MBNA they said that the delay was due to the weekend and they had imposed a late payment fee which they have now agreed to refund.

So, when I make a fasterpayment from my account and I get a message back saying that the recipent will be credited within 2 hours, does that really mean 48 hours if there is a weekend in the way?
As I say, I have used this payment system for quite some time but I don't think I have come across this problem before.

Thanks

[Deleted User]

Yes - it only applies to working days. Althogh the payment itself may hit within 2 hours, if there is no one to process it, it will effectively take longer.

bengal-stripe

It is stated quite clearly in MBNA's "Information Table"

If you make a Faster Payment between 8.00am and 4.00pm Monday to Friday, it will be available to use within 2 hours of us receiving cleared funds from your bank. Outside these hours, or on a weekend/bank holiday, your Faster Payment will be available to use by 10.00am on the next business day.

Gizmo247

Why not pay via Direct Debit from now on and take the risk of late payment out of the equation?

jamesml

Did you start a thread on this a little while ago or is it just a coincidence?

StuC75

Or alternatively still pay by FPS but dont leave it until the last minute to make the payment.also what time of day was the payment made as that can have a bearing too..

cos_2

Deleted_User wrote: »

Yes - it only applies to working days. Althogh the payment itself may hit within 2 hours, if there is no one to process it, it will effectively take longer.

They might use computers, zx81

Buzby

It is a common complaint, but Faster Payments work 24x7 - MBNA do not, manual intervention is required for them not to confrm receipt BUT to allocate it to your account.

I can have my FP credited to Virgin on a Friday, BUT it will be Tesa enforce. Shows up on m account.