Money not getting to Nationwide accounts!

xxdeebeexx

Hi I did my Flexdirect funding this morning in order to qualify for the 5% interest and 7 hours on, it still hasn't reached my account.


I have phoned the helpline and have been told that there is a problem with the system and that the credits are 'queuing' but might not reach accounts until Monday some 36 to 48 hours time!


dx

Archi_Bald

Weekends aren't banking days, so you have to expect some delays. By law, your Faster Payment must arrive the other end by the end of the next working day, i.e. end of Monday for any payments initiated today.

Which bank did you send your payment from?

xxdeebeexx

Archi_Bald wrote: »

Weekends aren't banking days, so you have to expect some delays. By law, your Faster Payment must arrive the other end by the end of the next working day, i.e. end of Monday for any payments initiated today.

Which bank did you send your payment from?

Barclays and Santander. It usually takes seconds -but I don't usually do the banking at weekends.


Apparently there is a technical problem and nothing is getting through.


dx

Archi_Bald

They are probably doing some maintenance on the Faster Payments system.

Though for payments coming from Santander, the hold-up could also be due to Santander's fraud prevention policies which can be a bit of a nuisance.

But as long as your money gets to the destination by the end of the next business day, you have no case for a complaint. Just grin & bear.

skitskut

Ah thanks, that probably explains the unsuccessful attempts to pay out from my Nationwide account yesterday but retrying today it seems to have worked.

xxdeebeexx

Archi_Bald wrote: »

But as long as your money gets to the destination by the end of the next business day, you have no case for a complaint. Just grin & bear.

Wow, I never realised this!
Thanks for the info... I thought it had to get there by the end of the day.


So, I have sent the money at 9am on Saturday and it doesn't have to reach its destination bank until Monday midnight- am I right ?


This is a real lesson for me.
(Note to self.. do banking mid week when the kids are at school)


thanks


dx

xxdeebeexx

skitskut wrote: »

Ah thanks, that probably explains the unsuccessful attempts to pay out from my Nationwide account yesterday but retrying today it seems to have worked.

keep an eye on your account to make sure that only one payment goes out.


I had a similar experience when applying for a Flexdirect account. It didn't go through so I kept applying eventually I ended up with 5 accounts!


dx

YorkshireBoy

xxdeebeexx wrote: »

Wow, I never realised this!
Thanks for the info... I thought it had to get there by the end of the day.


So, I have sent the money at 9am on Saturday and it doesn't have to reach its destination bank until Monday midnight- am I right ?

No. You and Archi (unusually) are both wrong.


The clock starts ticking on the next business day for a payment instruction initiated on a non-business day, so the two banks between them have until close of business Tuesday to credit the account (in order to comply with the PSRs).

sundevil_rachael

There might be problems across the board as I have problems moving from Bank Of Scotland to Santander earlier. Santander always seems a bit tricky but at least they do Faster payments now!

xxdeebeexx

YorkshireBoy wrote: »

No. You and Archi (unusually) are both wrong.


The clock starts ticking on the next business day for a payment instruction initiated on a non-business day, so the two banks between them have until close of business Tuesday to credit the account (in order to comply with the PSRs).

So where is my money now ?


dx

innovate

The Faster Payments website suggests that xxdeebeexx is most right of all the posters! They are advertising that the faster payments system is available on a 24x7 basis 365 days a year and that payments "must arrive within 2 hours". No mention of weekends and working days.


http://www.fasterpayments.org.uk/

http://www.fasterpayments.org.uk/about-us/benefits-faster-payments

I wonder what the truth is since they don't seem to be telling it.