Faster payment time to Tesco CC

Lancshoppy

I've just been told by Tesco bank that payments made by faster payment internet banking to the CC account outside working hours (i.e. Friday evening) are not credited until the next working day (Monday). I thought faster payments meant payment within 2 hours 24/7 - as per the 'faster payments' website and as per the confirmation from my bank. Am I missing something?

fiesta04

Faster Payments are usually credited within 2 hours if to a Current Account, but it is clearly stated that FP may take until the end of the next working day.


F4

Fruit_and_Nut_Case

fiesta04 wrote: »

Faster Payments are usually credited within 2 hours if to a Current Account, but it is clearly stated that FP may take until the end of the next working day.


F4

And I've a suspicion that credit card payments don't come under the Faster Payments guidelines anyway.

g6jns_2

Lancshoppy wrote: »

I've just been told by Tesco bank that payments made by faster payment internet banking to the CC account outside working hours (i.e. Friday evening) are not credited until the next working day (Monday). I thought faster payments meant payment within 2 hours 24/7 - as per the 'faster payments' website and as per the confirmation from my bank. Am I missing something?

The faster payment is only between bank accounts. There is a delay from there to your credit card account. This is usually until the next working day after the funds are credited to the card company's bank account.

Superheavy

I believe that what happens is that all credit card payments going by faster payment would first go into a main holding account where all of the payments would arrive, and they would complete this stage in the usual Faster Payment timescale. However, after that all these payments have their references checked and are then assigned to the individual card accounts. I suspect that it is this second stage that may be delayed rather than the usual Faster Payment system.

Ccarter

I agree with Tesco, as my cc with another provider is the same. I suspect it's becuase the bank is closed over the weekend..

rbrtmcrthr

I use Tesco CC and when I pay every payday (a Friday) it comes out of my bank account straight away, but when i check on a monday for my available balance, it doesn't seem to have been credited to my card. This is annoying because sometimes this has left me needing petrol and having no funds because they are not available. (I use my Tesco CC for fuel for more points)

jam2773

I've just been going over this with Tesco CC customer services. I will pay my balance off weekly, making sure that I never go over the credit limit.
Went to use the card today having paid it off last week to find that although the balance was cleared there was no available credit.
It seems that I can only clear the statement balance and not clear the actual balance on a weekly basis.
And that it takes 3 days for a payment to clear on the assumption that they don't just sit on the payment as I have already paid in my maximum amount!