Faster Payment Service by Santander

jrm

When is a Faster Payment Service not so fast. I set up an online payment to go out of my Santander account. Sure enough it was debited straight away and was due to go by FPS. But after eight hours it hadn't reached it's destination. I enquired with Santander and was told that sometimes if it is a new payment it can take up to 16 hours to reach the other account. Great - thanks for letting me know. Is this just Santander or do other banks play the same game.:(

pmduk

A fast payment can take until the end of the next working day to reach the destination account. RBS group will delay payments to new payees if arranged over the phone, but they are very clear about this when it happens.

matttye

Faster payments are guaranteed by the end of the next working day, so if you send it on a Friday it might not reach the recipient until the end of Monday. (Someone please correct me if I'm wrong about that; pretty sure Saturdays are still not 'working days.')

In my experience though, they're usually instant, or at most within 2 hours. Only very occasionally do they take longer.

jrm

So, even if you arrange a payment via the phone the payment can still be delayed. Presumably you can ask what the "time-scale" is for the payment your arranging. At least that way you would know - or would you ???

Gers

By coincidence I have just done a transfer from my Santander 123 account to my Lloyds one (first transfer from new account) and the money was there almost instantly.

Like the one time pass code thingy too.

Sorry, it's no help if your monies are stuck somewhere, it's not a generic problem so perhaps a call to the bank may help?

pmduk

matttye wrote: »

Faster payments are guaranteed by the end of the next working day, so if you send it on a Friday it might not reach the recipient until the end of Monday.

Yes, you're right, but I've only ever had 1 take more than 2 hours.

matttye

jrm wrote: »

So, even if you arrange a payment via the phone the payment can still be delayed. Presumably you can ask what the "time-scale" is for the payment your arranging. At least that way you would know - or would you ???

"By the end of the next working day" is the timescale they have to abide by and what you should always assume.

That way you'll be pleasantly surprised when it's faster

zerog

If paying from Santander to a new payee or a large amount when previous payments have been small, the payment may often get held for "security" checks. They may call you and ask you to confirm some data (all automated, multiple choice). The call usually comes instantly, or between 8.30am and 9am the next morning. If this is the case, just answer it and don't waste time trying to call them back for proof, you will cause yourself lots of trouble.

If the payment is not during working hours, it usually gets released the next working morning. If during working hours, it may get released by the end of the day.

Gers wrote: »

perhaps a call to the bank may help?

NEVER DO THIS unless 2 working days have passed! You will just get your internet banking disabled and have to wait 1 week for new sign in details in the post.

itsanne

I've found Santander slower than other banks the first time a large payment is made to a new payee, to the extent that I now transfer money to another account and send it from there if I want it to be quicker. It does speed up for subsequent payments, and I don't actually mind fraud checks holding it up - hopefully the system will also protect me from fraud!