Faster Payment hold up

Midslad27

Just a quick question.

I've transferred 100 from Santander to my Barclay's AC and theirs a delay normally it takes seconds.

I see money gone from Santander so who holding it up Barclay's or Santander ?

Milarky

If the money has gone from the account it is probably Santander. They can hold the payment for 16* hours before they release it (and thus are still acting within the 'next working day' framework) unless you contact them to vouch for it. Remember that Barclays 'end of day' is 6:30pm, so the payment (if it is 'time critical') doesn't look like it will reach them with today's date. (So will be Monday 3rd at this rate)

You should have the option to contact Santander directly, answer a few 'security' questions, and get the payment released immediate however.

*this delay is always exactly 16 hours IME. Your payment will arrive by 06:37 tomorrow or therabouts

agrinnall

Milarky wrote: »

If the money has gone from the account it is probably Santander. They can hold the payment for 16* hours before they release it (and thus are still acting within the 'next working day' framework) unless you contact them to vouch for it. Remember that Barclays 'end of day' is 6:30pm, so the payment (if it is 'time critical') doesn't look like it will reach them with today's date. (So will be Monday 3rd at this rate)

You should have the option to contact Santander directly, answer a few 'security' questions, and get the payment released immediate however.

*this delay is always exactly 16 hours IME. Your payment will arrive by 06:37 tomorrow or therabouts

It's Thursday today, so if the process you describe is what happens it will be at Barclays tomorrow, Friday 1st (and Monday is the 4th, not the 3rd).

colsten

Milarky wrote: »

unless you contact them to vouch for it

I have tried this in the past in vain. Not even the Select help desk was of use. It seems they have to manually release these first payments, and they are working on a FIFO principle, or they are just darned slow, or a combination of the two. No other current account provider I know makes such a drama out of a first payment to a new payee. But then, no other current account provider pays me cashback on essential DDs, so I grin and bear.

Hominu

agrinnall wrote: »

It's Thursday today, so if the process you describe is what happens it will be at Barclays tomorrow, Friday 1st (and Monday is the 4th, not the 3rd).

2:37pm + 16 hours = 6:37pm Tomorrow, Friday 1st, and since that is after Barclays cut-off time, it will be dated Monday 4th.

Archi_Bald

First time I heard anything about 16 hours. As far as I know, the law is that faster payments must arrive with the recipient no later than the end of the next working day. Unless, of course, security checks deem the payment suspicious, in which case I don't believe there is any obligation on the bank to ever send the money.

Midslad27

agrinnall wrote: »

It's Thursday today, so if the process you describe is what happens it will be at Barclays tomorrow, Friday 1st (and Monday is the 4th, not the 3rd).

All sorted. Santander blocked my account for security I called them and unblocked my account and payment suddenly appeared at Barclay's instantly.

Thankyou

Gromitt

Archi_Bald wrote: »

First time I heard anything about 16 hours. As far as I know, the law is that faster payments must arrive with the recipient no later than the end of the next working day.

Santander have an internal policy quoted by some staff which may or may not be true that the first payment to a new payee will take "upto 16 hours" to be processed "due to fraud prevention measures".

agrinnall

Hominu wrote: »

2:37pm + 16 hours = 6:37pm Tomorrow, Friday 1st, and since that is after Barclays cut-off time, it will be dated Monday 4th.

No it isn't, it is (as you yourself stated originally) 06:37 (6:37 a.m.), almost 12 hours before Barclays end of day.

Milarky

agrinnall wrote: »

No it isn't, it is (as you yourself stated originally) 06:37 (6:37 a.m.), almost 12 hours before Barclays end of day.

Sorry, I caused that by getting my dates blurred. The reference to 'Monday' would have been correct if the payment had been sent at 4 pm on a Friday (which it wasn't!) but was release/arrived on a Saturday morning. Saturday counts as Monday at Barclays (that was all I meant to convey) but obviously you have the access to the amount before Monday physically arrives.

dggar

Prior to sending large payments between accounts I generally send a payment of £1, so that I'm sure I haven't mistyped anything.


Today when I moved £750 from First Direct to Halifax, First Direct picked it up a possible fraudulent transaction. After speaking with First Direct the funds were released.


The implication from First Direct that is best not to do test transactions.