Faster Payment timescales, aka the lies banks tell

meer53

malc_b wrote: »

I spoke to these people http://www.fasterpayments.org.uk/ .

I don't imagine the the bank operators are lying, they are just say what is in front of them. However, I do notice that they are careful to stick the the script. They never directly say the delay is down to faster payments, they just quote the fact that fast payments are allowed to take up to next working day and let you draw your own conclusions.

And note I am specifically talking about large banks that are wired into the faster payments system, as I have made clear in every post I have made. For these banks there is an electronic route from bank A via FP to bank B.

So

http://www.fasterpayments.org.uk/about-us/how-faster-payments-works

4 to 10 is all electronic and sub 1s. The only place it can be blocked is 4 or would you like to support your statement about multiple steps with some facts.

As I have said repeatly, yes it is a fact that FP can take up to next working day, for small banks that is, which why the rules allow for this. Or for large banks whose systems are down for maintenance etc.. But excluding those rare cases, for big banks, the cause is that they are blocking.

If it walks like a duck and quacks like a duck then it is a duck. I have proof that an identical transfer went via FP about 5min later and meanwhile my blocked transactions stayed blocked. Same sort code to same sort code, just different user, different accounts. That pretty much proves that the bank is not telling the whole truth.

The whole point of this thread was to let people know that banks can be economical with the truth and imply that delays were down to FP when that isn't the case (system crashes excepted). It wasn't to get into specifics or a moan at any bank. I think this is an important fact to know because you will be losing interest while your money is supposedly held up in FP where as in reality your bank still has it.

Make your mind up. You've said more than once that lies are being told. By the staff and the banks.

It doesn't really matter who said what, the fact is that FP can be delayed. I don't really understand what your gripe is. If you think you've lost interest, call the bank and ask them to refund it.

It's not rocket science.

suicidebob

SuperAllyB wrote: »

Not directly relevant to your point about banks blaming the wrong party, but i'm not surprised you've experienced delays as the above combination of small/large transactions is similar to the way a lot of fraudulent use of lost/stolen cards is carried out.

Another few transfers and he'll get a CIFAS marker!

jamesd

malc_b wrote: »

According to faster payments they have had almost zero downtime in years of operation

Almost zero isn't quite zero, though. But expect that most issues are going to be related to security checking systems, particularly with Santander. By contrast I've never noticed a security-related delay at NatWest so if Santander bugs you, you might consider them. Or both, since each has some good points.

anoncol

OP. FP can take till the next day. It is not a lie. They are talking about the digital transfer of funds including the fraud checks etc in this time frame. You seem to be perceiving FP as just the technical side, but there is more to it than that.

BMN

malc_b wrote: »

So when a big bank to big bank faster payment does not go through and the big bank "implies" that it is the fault of faster payments by quoting "faster payments may take up to the next working day" they are plain lying. Faster payment service does not block payments. It is the sending bank.

The Payment Services Regulations (PSRs) states that payments must be credited to the recipients account by the close of business on the following working day from when the payment order is considered received.

You are correct to say that the actual Faster Payment process is near instantaneous. The PSRs allows the sending banks time to perform their fraud fraud checks etc.

But I don't think that banks imply that it's the fault of the Faster Payments service when saying that the payments "make take up to the next working day". That's just clarifying the legal stand point without giving the specific reason.

Armorica

If some payments get through your account clearly isn’t blocked.

If some payments take longer - this is because either the receiving bank is offline and can’t receive/or hasn’t applied it or because the sending bank is undertaking fraud checks. This does not mean your account is blocked. It may be that - at the level of individual payments - additional security checks are taking place.

Incidentally, banks are allowed to ‘lie’ to their customers in certain circumstances. They are typically prohibited from ‘tipping off’ customers who may be suspected of money laundering.

Gentoo365

The FP system can send payments in seconds, however the FP process can take up to a day.

The actual sending of the money is just the final step in the process that includes a load of other stuff that is mandated by the regulator to comply with EU (and also US) law.

It is like a person arranging a mortgage. The transfer of money at the end can happen in a day. However the whole mortgage process takes a lot longer.

The difference is that the FP process mostly happens behind the scenes and only on a few cases are customers and recipient banks contacted to verify details etc.

oh, and the reason the banks do not check the names is that there is no requirement for the name to be correct. The bank has to act on the instruction of the customer based on the sort code and account number.

I can see how improvements could be made, however what we have now is a compromise. Remember FP was put together in a relatively quick timescale and while not perfect is definitely a positive step in the right direction.

Gentoo365

Armorica wrote: »

Incidentally, banks are allowed to ‘lie’ to their customers in certain circumstances. They are typically prohibited from ‘tipping off’ customers who may be suspected of money laundering.

In fact they would be obligated to hide information if it involved fraud/money laundering investigations.

But this is not a lie anyway, it is a misunderstanding.

FP payments take seconds
FP process takes up to the next working day

[Deleted User]

biro2010 wrote: »

i agree with your opinion

Post building for spam is ineffective if your posts look this bad.

Please put in more effort.

Stevie_Palimo

Also you need to bare in mind the time of month you are moving money around as this has a knock on effect ie:- When people get paid then there is lots of money moving around the entire system and this will cause delays.


9 times out of 10 I can move and receive money within seconds but do on the odd occasion wait longer on this coming in or going out, The worst case was the following day but it still arrived.