How long does a bank transfer take from Lloyd's to natwest?

Chatty1986

Hi I am waiting for my ex to pay maintenance into my account, he promised child maintenance options he would pay it in today. I am just wondering how long it would take to be available? And will it show immediately even if it isn't 'available funds' ? I am with natwest, he is with Lloyd's.... I have been checking my bank through the app...it usually updates immediately when I spend money!
Sorry for the long winded post!!
Thank you in advance !

jonesMUFCforever

If he sent it by faster payment it should take no more than 2 hours - but as today is not counted as a business day you cannot complain before the end of the next business day - Tuesday morning in this case.
I say ''if'' the monies were sent.


I am also assuming here that the arrangement was to pay you direct and not on to CSA first for them to send on to you.

YorkshireBoy

jonesMUFCforever wrote: »

If he sent it by faster payment it should take no more than 2 hours - but as today is not counted as a business day you cannot complain before the end of the next business day - Tuesday morning in this case.

Not saying it's the case with Lloyds, but a payment initiated today (ie after Friday's cut-off) could be deemed as being initiated on Monday, meaning it could arrive (although unlikely) by close of business Tuesday (effectively Wednesday morning).


That's if my reading/understanding of the PSRs is correct.

Chatty1986

Thanks for the replies it is meant to be paid directly to me, due on the 1st so he's obviously making me wait for it!
I thought it was upto two hours but I suppose it depends on the bank and how it's transferred (phone,online,in person)

agrinnall

Chatty1986 wrote: »

Thanks for the replies it is meant to be paid directly to me, due on the 1st so he's obviously making me wait for it!
I thought it was upto two hours but I suppose it depends on the bank and how it's transferred (phone,online,in person)

It's unlikely that the method of payment will make much difference to the time that it takes; as you have already been advised FPS has a deadline of end of next business day (which as YB says could be end of Tuesday) although the hoped for timescale is within 2 hours (and in fact for the transfer you describe should really be nearer to 2 minutes, and possibly 2 seconds, than 2 hours). You can't raise it with your bank yet but unless either bank has any planned delays this weekend I'd suspect that it hasn't been sent at all yet.

polymaff

Chatty1986 wrote: »

Thanks for the replies it is meant to be paid directly to me, due on the 1st so he's obviously making me wait for it!
I thought it was upto two hours but I suppose it depends on the bank and how it's transferred (phone,online,in person)

He's making you wait for it!

Just to be clear, the two hours is the time the receiving bank allows itself to credit the money received to the receivimg account. This up-to-two-hours may be preceded by security checks at the sending bank - plus unknowns - all intended to be completed by the end of the next working day. Only the sender gets any idea of these other delays, and some banks are more informative than others.

paragon909

Chatty1986 wrote: »

Hi I am waiting for my ex to pay maintenance into my account, he promised child maintenance options he would pay it in today. I am just wondering how long it would take to be available? And will it show immediately even if it isn't 'available funds' ? I am with natwest, he is with Lloyd's.... I have been checking my bank through the app...it usually updates immediately when I spend money!
Sorry for the long winded post!!
Thank you in advance !

Would be instantly available. All personal bank account use faster payments and need to be in the receiving account within 24 hours. Or maybe hes not sent and just keeping you going.

Armorica

YorkshireBoy wrote: »

Not saying it's the case with Lloyds, but a payment initiated today (ie after Friday's cut-off) could be deemed as being initiated on Monday, meaning it could arrive (although unlikely) by close of business Tuesday (effectively Wednesday morning).


That's if my reading/understanding of the PSRs is correct.

Legally, yes - but banks don't hold up payments until the last minute.

The main option over internet banking is faster payments - so within two hours unless there is an exception (including the sender or recipient banking with someone who doesn't do weekends/evenings much e.g. most building societies and some of the smaller banks; system down time at the weekend for maintainance). If it's FPS it should be there end of Monday even if initiated Friday after hours.

The other bit you/MUFC have missed from the PSRs is that banks can't sit on their customers money overnight. E.g. if a bank receives during working hours on Monday, they can't wait until Tuesday to hand it over. (The sending bank can sit on the instruction for a day tho - but it would be unusual and probably unjustified)

Bacs isn't usually available to personal customers anymore. Unless it's a fortune, it's unlikely he used CHAPS!

YorkshireBoy

Armorica wrote: »

The other bit you/MUFC have missed from the PSRs is that banks can't sit on their customers money overnight.

Can't speak for Jones, but I was aware of that.

agrinnall

Armorica wrote: »

The other bit you/MUFC have missed from the PSRs is that banks can't sit on their customers money overnight. E.g. if a bank receives during working hours on Monday, they can't wait until Tuesday to hand it over.

I was never involved with the development of processing for received payments but to me it would be logical that the receiving bank should have the ability to undertake fraud checks on incoming payments as the sending bank can with outgoing payments. Are you saying they can't do that, and that they have to allocate payments as soon as they arrive, and that the entire responsibility for fraud checking would lie with the sending bank?

Armorica

agrinnall wrote: »

I was never involved with the development of processing for received payments but to me it would be logical that the receiving bank should have the ability to undertake fraud checks on incoming payments as the sending bank can with outgoing payments. Are you saying they can't do that, and that they have to allocate payments as soon as they arrive, and that the entire responsibility for fraud checking would lie with the sending bank?

Just highlighting what the PSRs say You may recall they also say a refund must be 'immediate'.

The FCA states

The PSRs in effect prohibit value dating that is detrimental to the customer. This means that the value date of a credit to a payment account can be no later than the business day on which the payment transaction was credited to the payee’s payment service provider’s account. This is the business day on which the payee’s payment service provider is deemed to have received
the funds. The funds must also be at the payee’s disposal immediately after they have been credited to the payee’s payment service provider’s account.

http://www.fca.org.uk/static/documents/payment-services-approach.pdf

(same day doesn't preclude fraud checks though, and in practice of course the receiving bank has to undertake fraud checks under a different set of legislation/rules/guidance)