PO Savings Account

paragon909

When you transfer money out of a PO Saver it normally takes a few days to reach the external account, Doesn't FSA state all personal bank accounts must use FP and reach the external account within 24 hours.

really annoying because you can put money in PO saver the sameday.

YorkshireBoy

The Payment Services Regulations state payment must arrive by close of business on the next working day.


However, if you make the payment request after a particular day's cut-off, then the payment will be sent the next day.


For example, the worst case scenarios occur when we have 2 Bank Holidays and a weekend in the way (ie when Xmas Day falls on a Monday). So a payment initiated late in the evening of Friday 22nd December doesn't have to arrive until close of business on Thursday 28th December.

eskbanker

paragon909 wrote: »

When you transfer money out of a PO Saver it normally takes a few days to reach the external account, Doesn't FSA state all personal bank accounts must use FP and reach the external account within 24 hours.

really annoying because you can put money in PO saver the sameday.

As well as the FP schedule in the previous post, there is also the fact that (a) the FSA no longer exists and (b) faster payments aren't mandated! What do the Ts & Cs of the account say about withdrawal timescales?

YorkshireBoy

eskbanker wrote: »

What do the Ts & Cs of the account say about withdrawal timescales?

They say "within 1 business day"...


https://www.pofssavecredit.co.uk/POFS-NIS/externalContent/websavings/Online_Saver_TCs.pdf (condition 3.4)


Condition 3.1 deals with the time of receipt of the payment order request (as I mentioned above).

dr_adidas01

Its says within one business day, however from my own experience it doesn't matter what time of day you make the request it always takes 2-3 days for money transferred from my PO savings account to appear in my bank account.

paragon909

I made a transfer on thursday, And the money wasn't in my TSB account until monday morning, But was processed as a FP.

YorkshireBoy

paragon909 wrote: »

I made a transfer on thursday, And the money wasn't in my TSB account until monday morning, But was processed as a FP.

Must have been after the cut-off time. What time did you initiate the payment?

paragon909

YorkshireBoy wrote: »

Must have been after the cut-off time. What time did you initiate the payment?

Was before 5:30, Am sure if its done after 5:30 it's not processed till the next day.

dr_adidas01

paragon909 wrote: »

Was before 5:30, Am sure if its done after 5:30 it's not processed till the next day.

It doesn't matter like I said I've tried it at 11am in the morning and once at 3pm in the afternoon, well before the cut off time.

It still arrived 2-3 days after I requested the withdrawal, which is not a faster payment at all.

I think they must do it as a BAC's payment which would fit in with the time scale for processing the payment and getting it to a customers account.