Faster payments, where's my money gone?

MamaMoo_2

So, my husband made a FP to me over two hours ago for £1,500. Still no sign of it in my bank. He then sent another payment of 1p just to make sure there were no issues with the system, and it's cleared immediately.
So, does anyone have any idea where the £1,500 could be hiding?

~Chameleon~

Did he use the correct account number?

MamaMoo_2

~Chameleon~ wrote: »

Did he use the correct account number?

Yes, as the 1p payment was successful, as were the test payments he made to the account on Friday. I'm set up as a payee so all the details are the same as for the other payments.

MPH80

Any faster payment has, technically, until the end of the next business day to arrive. So your payment might take until Monday night.

It could simply be in holding awaiting a manual review or it might be queued in the system somewhere.

Give the bank a ring on Tuesday (his bank - not yours) to trace it if it doesn't turn up.

Hazzanet

Santander?

MamaMoo_2

OH phoned Santander, who were adamant that the payment had been successful.
I phoned my bank, TSB, who were adamant there was nothing showing, and to call Santander.
OH checked his internet banking, looked at his faster payments history, and it appeared that the payment had "rejected", despite not being recredited.
OH had to phone Santander 3 more times, twice being told there was nothing wrong with his account, until he got through to a woman who actually looked into the account, messed around a bit, asked some security questions, and somehow managed to magically remove a block that supposedly didn't exist. All I know is that after she said "and it's on it's way..... now!" I refreshed internet banking and there it was.

cifpower

It would be a fraud check. Small payments being sent that £1500 flags something on their systems for some reason.

FireWyrm

MamaMoo wrote: »

Yes, as the 1p payment was successful, as were the test payments he made to the account on Friday. I'm set up as a payee so all the details are the same as for the other payments.

Gosh, you really should have done that the other way around! :eek:

There have been too many horror stories of money going awry.

Your money might have been held as part of fraud checking procedures especially if it is strange or out of the ordinary for you. Did you ring the bank and ask?

YorkshireBoy

FireWyrm wrote: »

Gosh, you really should have done that the other way around! :eek:

"Test payments" (presumably small?) were successfully made last Friday, followed by £1.5K last night, followed by another 1p test payment shortly afterwards.


So they have done it the right "way round".

benjus

A couple of years ago I sent about £1000 from my First Direct account to my Metro Bank account. Nothing appeared in the MB account. Spent the next few days chasing it with both banks - FD were adamant that it had gone through and gave me transaction reference numbers; MB just shrugged their shoulders and said "can't see it ... sorry". Wasn't helped by the fact that I was abroad at the time and making calls wasn't so easy.

Eventually I found someone in FD who gave me a special number for MB to call them directly, after getting my authorisation to discuss my account details with MB. So I called MB to ask them to call FD... person disappeared for a few minutes, then came back to say they'd magically found the money...


Hope you don't have to go through all that... Faster Payments works great most of the time, but when it doesn't it's a pain.

~Chameleon~

I regularly transfer money between Lloyds, Nationwide and Barclays and have never had a problem. It's always there instantly. I can log into one account on my phone, make the transfer and immediately log into the receiving account to find the balance is already showing. Sometimes it's been for several thousands too.