Nationwide payments delay....

scottishgirl87

So last night I transferred money from my Nationwide account to 2 of my Bank of Scotland accounts, as I do every month. It usually hits my account instantly but it didn't and I've just checked again this morning and it still hasn't. Have just went back onto Nationwide and seen the following on the login page...

Warning
We’re sorry Faster Payments are unavailable, except for payments between Nationwide accounts. There are ongoing delays to payments already sent - these will be processed as soon as possible.

Does anyone have anymore information on how long this is going to take? Really need this money into my account by tomorrow ready for all of my bills being paid on the 1st (or probably Monday since the 1st is a Saturday).

grumbler

The deadline for FP is the end of the next business day.

scottishgirl87

Thanks for that! As long as it goes in today then that's fine

anamenottaken

grumbler wrote: »

The deadline for FP is the end of the next business day.

And the problem continues for payments set up this morning, not just those "already set up" from last night.

ctdctd

I did two FP's from Nationwide to the Halifax at about 5am this morning.

One arrived about two hours ago, the other is lost in the ether somewhere.

I'm sure it will turn up once the Gerbil is fed..........

Fruit_and_Nut_Case

ctdctd wrote: »

I did two FP's from Nationwide to the Halifax at about 5am this morning.

One arrived about two hours ago, the other is lost in the ether somewhere.

I'm sure it will turn up once the Gerbil is fed..........

I did a FP to TSB about the same time and it's just arrived.

puk999

Fixed now.

scottishgirl87

Yup, my payments have finally arrived!

Armorica

grumbler wrote: »

The deadline for FP is the end of the next business day.

That's not quite right. If Nationwide hasn't got the payment into any payment system this simply isn't relevant. (And the FPS deadline isn't the end of the next business day anyway)

There is a legal requirement on banks/building societies - according to the Payment Services Regulation 2009 - to complete your payment transfer by the end of the next business day. If they hadn't managed to get the transfer through Faster Payments, they would need to use CHAPS in order to be legally compliant.

OP - you're better off doing FP just after midnight if you're with Nationwide rather than 5am

SuperAllyB

Armorica wrote: »

That's not quite right. If Nationwide hasn't got the payment into any payment system this simply isn't relevant. (And the FPS deadline isn't the end of the next business day anyway)

There is a legal requirement on banks/building societies - according to the Payment Services Regulation 2009 - to complete your payment transfer by the end of the next business day. If they hadn't managed to get the transfer through Faster Payments, they would need to use CHAPS in order to be legally compliant.

OP - you're better off doing FP just after midnight if you're with Nationwide rather than 5am

Am i the only one thats confused?

Armorica

FPS has a range of 'deadlines' - the most common is within 2 hours. There are some a little bit longer where additional checks are required or where some banks may have systems offline overnight or at the weekend. The deadline has nothing to do with the type of payment, and everything to do with a piece of legislation (which is type of payment neutral other than applying to electronic payments not paper).

The same piece of legislation says that once the payee's bank has got the money, they have to give it to the customer on the same day (or the next day if after hours).