Bank funds transfer times

mrichard69

I'm with a private bank (Cater Allen) and requested a payment on May 1st via their online portal. On entry of my request they presented me with a payment date of May 2nd. However, I have discovered on May 3rd that this payment has a status of 'paying' on their portal and has not left my account and due to the bank holiday, it will not be paid until May 6th. This has made me overdrawn in my non-business current account; I thought it was the law now that payments must be made on the day they are requested or the next day at the latest? Are they able to present a payment date to me that is not accurate?

jonesMUFCforever

Do they provide faster payments?


Even if they do you were ill advised to try to transfer on a bank holiday weekend. The payment will be made by the close of business on next business day which is Tuesday 6th May so they have done nothing wrong and are within the guidelines.

agrinnall

Presumably you originated the payment later in the day on the first, after a cut-off time that CA have for that day. So it would therefore be processed on the 2nd, and to meet the Payment Services Directive would need to be at the receiving account by end of the next business day, which in this case is the 6th. I don't think you can blame CA for this, had you done the payment the day before or even earlier on the 1st then it would have been in your personal account by yesterday.

typistretired

Their terms and conditions state

“by the end of the next Business Day after
the Business Day on which we received your
withdrawal or payment request.”

If you made the payment during business hours on Thursday it should have been in the other account by the end of business Friday.

Cut off time 4:00pm
- Internet Banking transfer / payment / standing order

want_to_save

are both accounts with the same bank?

Milarky

Many larger organisations rely on this 'next business banking working day' [STRIKE]loophole[/STRIKE] model to do 'business'.

Why only this week I requested an online withdrawal on Thursday 1st (first thing) from the Chelsea Building Society (part of Yorkshire - the country's second largest) and the payment hadn't even arrived overnight on Friday 2nd (it arrived about 11am - so evidently someone did this manually after opening up at 9pm)

And yet...

My credit union - which isn't a banking organisation per se - is able to transfer payments to me on the same business banking working day as I request them (subject to a cut off time in the afternoon) I have received payments in a little over 2 hours - as any organisation with Faster Payments 'backend' is currently capable of.

jonesMUFCforever

...................but this new scheme is a dam sight better/faster than the old BACS.