Faster Payment Transfer Missing

oliverhancock

Hi

Sorry if there's already a thread regarding this.

I'm after some advice.

My wife and I have a joint account with Lloyds which both of our wages get paid into, and she also has a Santander account which she still has some direct debits coming out of. Last night (Sunday) I transferred £500 from our Lloyds account to her Santander account using Faster Payments, but as of 3pm on Monday, it hasn't hit her account. It says in my online statement that the transfer has been made, and my balance reflects the fact the money has come out.

I've spoken to Lloyds and they're adamant that it has been sent, and my wife has spoken to Santander and they are adamant that they haven't received it and that it's not pending.

I've double checked the sort code and account number and it is definitely right, so I don't know what to do now. Lloyds have told me they are putting a trace on it but it can take up to 5 weeks to get a response!

I have been able to transfer more since then to cover the direct debits but will need that £500 to get us through the rest of the month.

Does anyone have any advice for how I can get back my £500, which has apparently disappeared into thin air?

Thanks a lot.

grumbler

Show Lloyds a proof that the payment hasn't arrived to the destination and ask them for a temporary free £500 overdraft while they are taking "up to 5 weeks" to trace it.

oliverhancock

Worth a try I suppose, thanks!

agrinnall

5 weeks! 5 days would be a lot, 5 hours would be reasonable, and if they got the right person on the phone then 5 minutes would see it sorted.

oliverhancock

Tell me about it agrinnall, outrageous. Not sure how can I can trust them with my money now if they just lose it.

eskbanker

http://www.lloydsbank.com/online-banking/benefits-online-banking/view-pay-your-bills.asp complies with the rules of the scheme in stating that "The money will reach the recipient's account usually within 2 hours but can sometimes take up to close of business the next working day from the date the payment is sent".

Assuming that still applies for weekend payments, that means a payment sent on Sunday isn't guaranteed to arrive until close of business on Monday, so starting to chase at 3pm might have been a bit premature and it still may be that it shows up soon....

oliverhancock

Still not received as of 6pm eskbanker. Also, I'd like to think that one of the 2 customer service advisors I had spoken to would have told me that if it was the case.

alanq

oliverhancock wrote: »

Last night (Sunday) I transferred £500 from our Lloyds account to her Santander account using Faster Payments, ...

What time last night? Any transactions after a cut-off may be treated as a following day's transaction. If that is the case the funds may have until end of business on Tuesday to arrive.

oliverhancock

It was fairly late, but still you'd think they would have told me that on the phone.

BMN

alanq wrote: »

What time last night? Any transactions after a cut-off may be treated as a following day's transaction.

Any payment instructions received on a non-working day (i.e. the weekend) will be treated as received on the next working day.

So the funds have until close of business on tuesday to show up in the Santander account and until then there is absolutely no need to be concerned.

oliverhancock

BMN wrote: »

Any payment instructions received on a non-working day (i.e. the weekend) will be treated as received on the next working day.

So the funds have until close of business on tuesday to show up in the Santander account and until then there is absolutely no need to be concerned.

But why would the customer service advisers not tell me this? I spoke to 2 at Lloyds and my wife spoke to 1 at Santander. They simply said that they would action a trace and that it would take up to 5 weeks and that is all they could do. Also Santander would have a note of it being on its way surely?