Transfer timescales please help

mrfester

Hi All,

Thank you for taking the time to read my post. I need a definite answer please. A private individual has transferred a small amount of money (£50) to my Halifax account over the phone,I expected it to appear instantly but it has not. The person sending it to me has said they have contacted the bank who said it will take 3 working day's (Wednesday) as it is the first time that they have transferred money to money to me. But I though the rules were now next working day's was the longest time for transfers such as this, so will it arrive when my account updates overnight or will it be Wednesday ? Please help.

jonesMUFCforever

If the sender is a private individual and made the transfer through their telephone banking then a faster payment should show in your account by now.
It might be delayed for 3 reasons - 1 they failed security so the payment has not happened or 2 they did not have the funds to pay you or 3 you or them have given/used a wrong sort code or account number.

mrfester

The reason given by their bank was that it was because they have never sent money to me before, I was just wondering if this is possible it will appear overnight

jonesMUFCforever

If he/she passed security, the payment should have been done by now especially as it was only for £50.
IMO it should already be in your account.

agrinnall

Whoever said it should take 3 working days is wrong, and it's been a requirement for transfers to be completed by the end of the next working day at the latest for long enough that all bank employees should know that.

ricz_1

I've know it take up to 24 hours for a transfer from Santander to another account when it is the first payment to a new recipient.

It can be quite confusing because the money shows as having gone out of the Santander account right away but will not be in the recipients account until the security checks have been completed.

YorkshireBoy

agrinnall wrote: »

Whoever said it should take 3 working days is wrong, and it's been a requirement for transfers to be completed by the end of the next working day at the latest for long enough that all bank employees should know that.

It is entirely possible that a telephone requested payment initiated on Monday evening might arrive on Wednesday.

Such a payment request, if made after Monday's cut-off, would have been actioned on the next working day, ie Tuesday, and then had until the end of the next working day, ie Wednesday, to arrive.

At least that's my understanding from reading the PSRs, specifically Reg 65-(3)...

http://www.legislation.gov.uk/uksi/2009/209/pdfs/uksi_20090209_en.pdf

anoncol

I agree with yorkshireboy. From my dealings, FP can actually take till the end of the next working day to appear. Especially when Santander are involved.

agrinnall

YorkshireBoy wrote: »

It is entirely possible that a telephone requested payment initiated on Monday evening might arrive on Wednesday.

Such a payment request, if made after Monday's cut-off, would have been actioned on the next working day, ie Tuesday, and then had until the end of the next working day, ie Wednesday, to arrive.

At least that's my understanding from reading the PSRs, specifically Reg 65-(3)...

http://www.legislation.gov.uk/uksi/2009/209/pdfs/uksi_20090209_en.pdf

Yes, I think you're right with that interpretation - so Wednesday could well be correct, but the Halifax employee was still wrong to say 3 working days, as in this case it's only 2 working days (which of course is all that's allowed).