Faster Payments Lost Money

Milarky

This isn't simply a problem with 'new' (first-time) payees - it affects long-term payees:

I had this problem also on two days last week. Each second payment got stopped (but not a third, smaller test payment*, which arrived instantly, interestingly) Payments were released exactly 16 hours laters as advised when I phoned up. Also, they didn't allow me the option to speak to the 'fraud' department in person, and answer a few CRA-type multiple choice questions as has been possible in the past, to expedite the release (and is used by Lloyds, for example)

As I have more than one Santander account with the same payee however, and only one account was being affected, there was an obvious workaround of using those other accounts to make the transfers from.

[*working on the theory that sitting payments might be 'bumped' or displaced by a following one]

oldfella

Biggles wrote: »

Unfortunately, it's also the way many people (including MSE, I think) recommend you make a first payment to a new payee, ie to test you have entered the details correctly.

you need to leave a day between the first test payment and the second deposit

Archi_Bald

oldfella wrote: »

you need to leave a day between the first test payment and the second deposit

In my experience, you don't. The 2nd payment, even if held up, will arrive within a business day, like the first one.

Mr_K

oldfella wrote: »

you need to leave a day between the first test payment and the second deposit

No you don't. Never had a problem and have done this several times.

I have had the case where the £1 payment has taken seconds, then the larger amount hours, which is a bit scary - but obviously there must be more checks of bigger amounts

typistretired

If it is Lloyds or TSB I would recommend leaving 24 hours between test £1 and second payment to new payee. As I did the test this month and after checking it had arrived in the account did the second payment. I was informed on screen that further checks needed to be made on my payment and I would need log back in to confirm payment. They advised they normally confirm in 24 hours. I received a text 24 hours later that I could now confirm the payment.

littld

All sorted by 6am, thanks.

Biggles

Mr_K wrote: »

No you don't. Never had a problem and have done this several times.

I have had the case where the £1 payment has taken seconds, then the larger amount hours, which is a bit scary - but obviously there must be more checks of bigger amounts

I assumed that's what oldfella meant - that the second one wouldn't go instantly. Though I guess it still goes quicker that way than leaving it a day before making the second payment.....

typistretired

Biggles wrote: »

I assumed that's what oldfella meant - that the second one wouldn't go instantly. Though I guess it still goes quicker that way than leaving it a day before making the second payment.....

I'm just giving my own experience!

innovate

littld wrote: »

All sorted by 6am, thanks.

Thanks for reporting back, it's always great when the OP closes the loop.

I am pleased that the thread title didn't hold true. Not that I doubted for a nanosecond that the payment would be executed as requested, and within the legally required timescale.