Faster Payment Problem/Virgin Money

SueTheBlue

Hello everybody...hope someone can give me some peace of mind, I'm going slightly mad here!

Transferred £10k from my Virgin Easy Access Saver to my Sainsburys ESaver yesterday (Faster Payements) So far the payment hasn't arrived in the Sainsburys account, and I'm bricking it a bit! It appears to have left Virgin, as it is no longer showing as uncleared funds.

I've been bouncing around all day between both accounts, getting myself into a right tizzy!! Also, when I clicked on transfer money on Virgin it said I wasn't allowed to transfer money from that account. I guess its because they have a £10k limit per day?

Can anyone help me put my mind at rest...thanks!!!

Sue

Dr_Cuckoo3

The answer may be influenced by whether your Virgin account is a former Northern Rock account or
has always been Virgin.

As a holder of both I note that Virgin state 3 days , contrary to regulations.

Also there is the time of day to consider , bearing in mind that you are sending funds from a savings account to a savings account and these can be slower to send (overnight/or batches/cut off times) and the receiving account my be slower to update balances (Sainsburys is slower)

If time is of the essence then using current accounts with the main UK banks is preferable

SueTheBlue

Dr_Cuckoo3 wrote: »

The answer may be influenced by whether your Virgin account is a former Northern Rock account or
has always been Virgin.

As a holder of both I note that Virgin state 3 days , contrary to regulations.

Also there is the time of day to consider , bearing in mind that you are sending funds from a savings account to a savings account and these can be slower to send (overnight/or batches/cut off times) and the receiving account my be slower to update balances (Sainsburys is slower)

If time is of the essence then using current accounts with the main UK banks is preferable

Thanks for your reply

Its a new Virgin Account (opened in September), but it's interesting that you mention 3 days, I was under the impression it was same day/end of next business day. I have heard that savings to savings can be slower, will definitely consider current account to current account in future. I'm hoping now that its Sainsburys who are just being slower, guess I'll find out when I check (yet again!) in the morning.

Thanks again

Sue:)

Dr_Cuckoo3

Actually , I was incorrect about the time taken for Sainsburys Bank to update balances as I sent one from my current account and it appeared within seconds

You may wish to send a payment from a current account to Sainsburys to test it

I am not sure of Virgin's cut off time , though 230pm is the cut off time for some small banks and some will send it in an overnight batch - which is not good on a Friday although the test payment I sent to Sainsburys was instant - so perhaps after midnight

block10

Given the amount, its also possible that the transfer was delayed for security checks. Something like this happened to me last week.

poolforever

I'd say it was a security issue too.

SueTheBlue

Dr_Cuckoo3 wrote: »

Actually , I was incorrect about the time taken for Sainsburys Bank to update balances as I sent one from my current account and it appeared within seconds

You may wish to send a payment from a current account to Sainsburys to test it

I am not sure of Virgin's cut off time , though 230pm is the cut off time for some small banks and some will send it in an overnight batch - which is not good on a Friday although the test payment I sent to Sainsburys was instant - so perhaps after midnight

Hello again

Will try sending a small amount from a current account to Sainsburys tomorrow...fingers crossed the £10k will go in overnight!

Thank you block10 and poolforever....it may be a security check that has held it up, just hope its in there soon for my shredded nerves!!!

Sue

SueTheBlue

Problem sorted! Went to a Virgin Money branch this morning and it appeared that they had thought the £10k transaction was "unusual" and had tried to contact me on my mobile (I'm hard of hearing and can't hear the phone, so tend to ignore calls). As I didn't respond,they effectively froze the account. Anyway, all sorted out now, the payment has gone into the Sainsburys account and I can transfer money out of the Virgin account again.

Thanks all of you for the help and advice

Sue